BP (NYSE:BP) and Total (NYSE:TOT) have been approached by Russia to enter into talks concerning offshore oil fields in the region which have been in the past off limits for foreign companies.
Russian Prime Minister Vladimir Putin recently met with a group of potential foreign investors and companies who aired their concerns over challenges which need to be addressed and improvements made to loosen their pocketbooks and enter into the Russian market.
Russia realizes it must make improvements to attract foreign investment, and part of that strategy, apparently, is to open up formerly closed sectors.
Deputy Prime Minister Igor Sechin and Eduard Khudainatov, who is CEO of Rosneft, the giant Russian oil company, said they talked with BP and Total about "potential future cooperation on offshore deposits."
BP CEO Bob Dudley and Total's Christophe de Margerie participated in the discussions.
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