BP’s long stay in Russia

After failed attempts to find a buyer for its stake in Russia’s largest oil producer, BP may be able to avoid the harsh treatment meted out to ExxonMobil and Shell when they exited—and could even restart operations if geopolitical conditions improve

BP has held talks with at least two prospective buyers from the Middle East on the sale of its stake in Russian oil giant Rosneft since 2022, but negotiations ended without agreement, industry sources told Petroleum Economist. While BP remains publicly committed to leaving Russia, there is now a possibility it could stay should political conditions shift significantly—namely an end to hostilities in Ukraine and the lifting of Western sanctions—the sources said. BP was the first Western oil major to announce its departure from Russia, with its board approving the decision on 27 February 2022—just three days after Moscow’s full-scale invasion of Ukraine. Yet more than three years later, at lea