(Reuters) – Unwelcome in the Gulf of Mexico since last year’s oil spill and now spurned by the political elite in Russia, BP is hamstrung in two key producing zones and needs new sources of growth and security of supply.
Rival ExxonMobil has thwarted the British company’s hopes of exploring in the Russian Arctic anytime soon, striking a deal on Tuesday with state-owned Rosneft to exploit the very same assets BP had hoped to get its hands on.
Full story: Exxon/Rosneft deal closes another door to BP