Rosneft and BP have agreed to work together to explore the Russian Arctic continental shelf and to extract oil and natural gas from what BP's CEO, Bob Dudley (who was forced out of Russia in 2008 related to the TNK-BP debacle), called "one of the world's last remaining unexplored basins." The two companies have also agreed to an exchange of each other's shares with BP receiving 9.5% of Rosneft's shares, and Rosneft taking 5% of BP's shares, which are worth approximately $8bn.
http://www.bbc.co.uk/news/business-12195576
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