Suitors Line Up To Pick Up BP's Slack In Russia

Reuters is reporting that energy investors are pondering how to react to BP's BP troubles in Russia. The dilemma is there for all to see; the setback faced by BP could allow others to step into the breach, but it is a stark reminder that dealings with Russia are rarely hassle-free. It is, however, difficult to blame the Russians on this occasion. By not taking into account the terms of agreement with its existing partners at TNK-BP, BP brought the problems on itself. With that in mind, other more careful investors probably need not be deterred. The suitors are already starting to line up. Total TOT recently pumped $4 billion into Russian gas producer Novatek, while Exxon XOM has announced an exploration agreement with Rosneft in the Black Sea and Shell is discussing the possibility of working with Rosneft in the Arctic.