Western oil bosses stand by Russia despite sanctions

|By:, SA News Editor

BP (BP) has signed an agreement with Rosneft to explore for hard-to-recover shale oil in the Volga-Urals region of central Russia despite Western sanctions against Rosneft (RNFTF) CEO Igor Sechin because of the tensions in Ukraine.

BP will hold 49% in a joint venture and the Russian company the rest.

The deal was announced at the St Petersburg International Economic forum, where Total (TOT) CEO Christophe de Margerie also finalized an agreement with Lukoil to explore for unconventional oil.

Other major energy bosses to attend the event included Shell's (RDS.A) Ben van Beurden and Eni's (E) Claudio Descalzi, as well as senior ExxonMobil (XOM) executive Neil Duffin.

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