BP tackles opposition to Rosneft deal

20th Jan 2011 12:49

BP's controversial tie-up with Rosneft hasn't gone down well with the oligarchs at Russian partner TNK who are furious at being left out of the Arctic exploration deal.The British oil major will soon count the Kremlin as its largest shareholders following the £10bn agreement with state-owned Rosneft to drill the, as yet, undeveloped Arctic circle. But TNK's billionaire owners want in, arguing that their contract with BP includes a clause allowing them to be considered for any action on Russian soil.BP chief Bob Dudley, who's been talking with TNK-BP leader Mikhail Fridman, told the Daily Telegraph that there is "quite high criteria in terms of spending and expertise. We have to judge whether it fits their objectives."The deal is also upsetting politicians on both sides of the Atlantic. Americans are concerned at a possible threat to national security, while Britain's Labour party leader Ed Miliband has called developments "worrying".They'd better get used to it though as BP's own analysis suggests deals with state-backed oil companies may be the best way forward as OPEC becomes increasingly dominant over the next 20 years.BP says the 12-member oil cartel's share of global oil production is set to increase from 40% to 46% by 2030, the highest since 1977.One of the company's former energy traders is also giving lawyers a headache after claiming BP owes him $1.1m (£700,000) in unpaid bonuses despite making the firm $20m in one year.David Glasspool from Tonbridge in Kent was sacked by BP for "gross misconduct" last March, but he denies doing anything wrong and wants the money to cover pay and bonuses for work done between 2007 and 2009.