BP Is Resuming Oil Exploration, Chief Says

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Source: The New York Times

LONDON — BP said Wednesday that it would focus on oil exploration outside Russia, in the wake of its collapsed deal with the Russian oil company Rosneft.

At the same time, BP said it had no plans to sell its stake in a separate Russian company, TNK-BP, a joint venture whose Russian partners had opposed BP’s Rosneft deal.

BP’s chief executive, Robert W. Dudley, said Wednesday that “very quietly BP is getting on with its strategy of exploration” in Australia, Brazil, Azerbaijan and Great Britain.

“We’re moving on,” he said at a news conference to release the company’s annual review of energy markets.

Read more: http://www.nytimes.com/2011/06/09/business/global/09bp.html