* BP to seek onshore oil deal after failed Arctic deals
* British major to offer skills and technology to Rosneft
* Might be interested in Russia's shale reserves
By Melissa Akin
ST PETERSBURG, June 20 BP Chief Executive
Bob Dudley said the British major would look at direct
participation in "really difficult" Russian onshore oil ventures
with Rosneft, which already has an exploration deal
Rosneft confirmed at an annual general meeting on Thursday
that Dudley would have a seat on its board after BP's
acquisition of a 20 percent stake earlier this year.
BP lost previous exploration deals focused on Russia's
Arctic offshore fields to Exxon. Statoil and Eni
also have exploration ventures in the Arctic.
"The Arctic projects are for the next decade. Onshore can be
done earlier," Dudley said, noting that BP effectively owned 20
percent of Rosneft's stake in the joint exploration ventures.
He also said BP might be interested in tapping some of
Russia's shale oil reserves, a focus of interest for Exxon.
Russia has some of the world's largest shale and other tight
oil resources, but they remain largely untapped as it is works
its way through conventional reserves and as high taxes make
unconventional plays unprofitable.
Rosneft sees its shale plays as a way to attract new
production technology, which has put the United States, the
world's largest petroleum consumer, within reach of self
After a long period of isolation which some analysts saw as
tantamount to resource nationalism, Rosneft first opened its
doors to a foreign major when BP agreed to an initial
exploration and share swap deal with the Russian state company.
That deal drew objections from BP's partners in venture
TNK-BP, ultimately triggering BP's exit and its tie-up with
Rosneft, but ExxonMobil had already snatched the acreage sought
by BP in the Kara Sea, then further parcels in the Laptev Sea
earlier this year.
BP would look to deploy its own skills and technology,
including waterflood management technology, as part of a
potential deal for direct participation in an exploration or
production venture with Rosneft.
Waterflood management is a pervasive problem for Russia's
older fields, especially those previously owned by TNK-BP, as
well as a few remote new fields.