BP Strikes £10bn Deal To Explore Arctic Oil

"City analysts said the tie-up would leave BP well-placed to capitalise on Russian oil interests, but may risk upsetting US investors.

Justin Urquhart Stewart, co-founder of Seven Investment Management, said: "This is going to have some serious repercussions in America, because they do not take kindly to Russia taking serious control in any areas.

"But in terms of BP, it gives them fantastic access to the large oil fields in the Arctic."

Energy Secretary Chris Huhne said the Government welcomed the new partnership, adding that after the events of last year, this showed that BP was "very much open for business"."

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