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Chevron in Talks With Rosneft on Russian Oil Opportunities

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May 17 (Bloomberg) -- Chevron Corp., the second-largest U.S. energy company, said it’s discussing potential “business ventures” with Russian oil producer OAO Rosneft in that country.

Chevron confirmed the talks a day after BP Plc’s $7.8 billion share swap and Arctic exploration deal with Rosneft collapsed amid opposition from billionaire partners in a separate BP venture. Kurt Glaubitz, a Chevron spokesman, declined to specify what prospects, assets or locations within Russia are under discussion.

“Chevron continues to work with Rosneft on opportunities to collaborate in business ventures,” Glaubitz said today in a telephone interview from Chevron’s San Ramon, California, headquarters.

Chevron signed an accord with Moscow-based Rosneft in June 2010 to explore for oil and natural gas in the Russian sector of the Black Sea. The arrangement called for initial investments by the partners of $1 billion to drill wells in the West Chernomorsky block, Rosneft Chairman Igor Sechin said at the time.

Eleven months later, the companies and the Russian government have yet to come to an agreement on fiscal terms.

Exxon Mobil Corp., based in Irving, Texas, is the largest U.S. energy company.

To contact the reporter on this story: Joe Carroll in Chicago at jcarroll8@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net.

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