Dudley Says Rosneft Deal Is Dead

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In some ways confirming the obvious, BP CEO Bob Dudley said his company's efforts to engage in an Arctic exploration alliance with OAO Rosneft, Russia's largest oil company, are dead and that his company is moving on and looking at other opportunities across the globe.

BP (BP), Europe's second-largest oil company, and Rosneft were close to acquiring TNK-BP, BP's joint Russian venure, last month for $32 billion, a move that would have allowed the BP/Rosneft accord to continue, but TNK-BP, Russia's third-largest oil company, ultimately rejected the offer as too low and the talks collapsed.

Dudley, BP's first American-born CEO, said that his company still has strong growth prospects despite the setback in Russia and that it plans to start more than 30 projects by the end of 2016, adding around a million barrels of oil a day to production, which stood at 3.6 million barrels a day in the first quarter, according to the Wall Street Journal.

BP is focusing on locations such as Australia, Azerbiajan, Angola, Brazil and the U.K. to regain its footing following the Gulf of Mexico oil spill. Dudley said ''Russia isn't the biggest thing we're focused on,'' the Journal reported.