BP May Struggle to Boost Russian Output on Dispute, Old Fields

(Bloomberg) — BP Plc may struggle to revive output growth at its Russian venture as a dispute with the oil company’s billionaire partners escalates and efforts to revive aging fields fall short.

BP’s partners in TNK-BP will boycott a shareholder meeting tomorrow and challenge any decisions taken in court except those regarding dividend payments for minority shareholders, AAR Chief Executive Officer Stan Polovets said today in an interview.


“If the conflict escalates and continues for some time, it will have a negative impact on the company operations,” Polovets, who represents the partners, said.

At the same time, advanced techniques aimed at improving oil recovery are “not proving to be as successful as we had hoped,” according to Polovets.

Bloomberg