BP (BP) Shares Rise as Panel Clears Rosneft Share Swap, Kara Sea Exploration
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Shares of BP (NYSE: BP) jumped sharply in early-morning trade Friday following reports the oil-giant won rights to go forward with a $7.8 billion share swap with OAO Rosneft in exchange for the allowance of an Arctic oil exploration deal through its venture with TNK.
The stock initially jumped as much as 1.4 percent just minutes after the news hit wires; shares of BP have continued higher since and are now up 2.9 percent to $44.76.
A panel voted in favor of a consent order to allow TNK-BP to explore the Kara sea and for BP to swap shares with Rosneft conditional upon approval by Rosneft.
The stock initially jumped as much as 1.4 percent just minutes after the news hit wires; shares of BP have continued higher since and are now up 2.9 percent to $44.76.
A panel voted in favor of a consent order to allow TNK-BP to explore the Kara sea and for BP to swap shares with Rosneft conditional upon approval by Rosneft.
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