Chevron, Rosneft Consider Black Sea Oil Exploration Project (CVX)

Chevron, Rosneft Consider Black Sea Oil Exploration Project According to Reuters, U.S. oil company Chevron CVX and Russia's top oil producer, Rosneft, are looking at whether to go ahead with a Black Sea oil exploration project worth $32 billion. After an Arctic offshore pact between Rosneft and British group BP BP was blocked by an arbitration court last week, there have been reports that Chevron may quit the Rosneft venture to develop the Val Shatskogo deposit. Industry analysts said there were differences between Chevron and Rosneft regarding project contractor choice, where the jurisdiction should be domiciled and on the jurisdiction of possible business suit arbitration. Chevron and Rosneft met on Friday to discuss the Val Shatskogo project, the biggest Russian energy deal involving a foreign energy major in 2010. ENTITIES: Chevron, BP, Rosneft, Reuters