BP is reportedly trying to revive its share swap and an Arctic exploration deal between with Russian state-controlled energy firm Rosneft.
According to the Wall Street Journal it would do that by selling half of its 50 percent stake in Russia’s third-largest oil producer TNK-BP to Rosneft.
The Russian billionaires who own the other half of TNK-BP had previously blocked the tie up with Rosneft through the courts.
The Wall Street Journal said this could be a negotiating tactic and BP may yet decide not to follow through with a sale.
The four tycoons — Mikhail Fridman, German Khan, Viktor Vekselberg and Len Blavatnik, who are represented by the Alfa-Access-Renova consortium – had argued BP’s Rosneft deal violated exclusivity terms in the shareholder agreement governing their 50-50 joint venture.