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Oil & Gas

Russia May Demand Oil Spill Fund as BP Looks Offshore

January 27, 2011
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Bloomberg reports that Russia may require oil producers tapping offshore deposits to set aside cash to cover damages from possible spills as OAO Rosneft and BP Plc seek to explore for Arctic resources. BP has set aside $40 billion to pay for damage after its Macondo well leaked crude into the Gulf of Mexico for 87 days last year, the worst spill in U.S. history. State-run Rosneft plans to explore in the Kara Sea with BP and the Black Sea with Chevron Corp. as traditional onshore fields age. Russia, the world’s largest oil producer, aims to keep output at 10 million barrels a day for at least a decade.

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