Bp Group http://bit.ly/L64twt London equities traders were once more focused on the implications of deals on the market on Monday, with shares in BP topping the FTSE 100.

BP agreed on Friday to form a joint venture with Russia's largest oil producer, state-controlled Rosneft, to develop three massive offshore exploration blocks Rosneft owns in northern Russia. As part of the deal, which comes four months after BP plugged a blown-out well in the Gulf of Mexico that caused the United States' worst ever oil spill, BP will swap a 5 percent stake in itself for a 9.5 percent stake in Rosneft.


BP is mostly British AND American - 40% shareholders are British and 39% are US. Thus 21% are owned by shareholders in a number of other countries. Hence, it is, arguably, not a British or American company in the true sense but a multinational one.


Note also, while the CEO is British, the Chairman is Swedish.


While the parent company of the BP plc is registered in Britain, different parts of the BP Group are registered companies in different countries, including the USA, Britain and Russia, to name just three.


BP said that it will explore Exploration Permit for Petroleum (EPP) areas EPP 37, EPP 38, EPP 39 and EPP 40 covering an area of 24,000 km2 for oil and gas reserves, with the right to develop any commercially viable discoveries. This is a material and early move into an unexplored deepwater basin, said Mike Daly, Executive Vice President of Exploration for BP. The Ceduna Sub Basin is a very exciting new exploration area for BP. Our experience tells us that the geology has a high potential for containing hydrocarbons, added Dr Phil Home, Managing Director of BPs Australian upstream oil and gas business. BP said that the proposed exploration activity would be phased over 6 years and, as part of the regulatory approval process, would be subject to detailed environmental assessment.


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