Chevron Quits Offshore Project with Rosneft - Total Wants In

Last summer, American-based Chevron signed a deal to join Russia's Rosneft in a $32-billion Black Sea oil exploration project (at the Val Shatskogo deposit).  Chevron has since pulled out of the project. According to Rosneft spokesman, Eduard Khudainatov, geologists for Chevron and Rosneft differed in their evaluations of the Val Shatskogo deposit.  The companies also clashed over the choice of project contractors, the domicile of the joint venture, and arbitration jurisdiction in the event of a dispute.  At an industry gathering on Friday, Khudainatov announced that French oil producer, Total, has offered to replace Chevron as Rosneft's partner in the project.  Khudainatov stated that Rosneft would evaluate Total's offer and would decide on its oil exploration partners by the end of the year.

http://www.reuters.com/article/2011/07/08/rosneft-total-idUSLDE76719H20110708