Rosneft Says Chevron Seeks Arctic, May Exit Black Sea Field

Chevron Corp. is interested in working with OAO Rosneft, Russia’s biggest oil producer, to explore for Arctic resources and it may exit a Black Sea venture, the head of the Moscow-based company said.

Chevron will probably pull out of the West Chernomorsky project in the Black Sea because of disagreements about the area’s potential, Rosneft Chief Executive Officer Eduard Khudainatov told reporters today in Krasnodar, southern Russia. The companies signed an exploration accord a year ago.