BP’s $9 billion merger with TNK-Sidanco, Russia’s fourth-largest oil company, is the largest one-off investment in Russia ever. With oil reserves falling and the Middle East volatile, other super-majors are considering deals with the remaining Russian oil companies. But the Russians may not want to do deals and president Putin may not let them.
Last December, in oil industry journal World Energy, a vice-president of Exxon Mobil admitted that oil discoveries since the 1960s had fallen dramatically, while demand was still rising steeply.
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