LONDON — Shares in oil company BP rose Monday as the market welcomed its deal with Russia’s Rosneft to explore the Arctic seabed, although key partners complained about being left out and U.S. politicians warned about national-security risks.
While the deal hedges BP’s production options as it faces new restrictions in the United States following the disastrous Gulf of Mexico well blowout, analysts noted it is unlikely to yield results for years.
Still, BP shares shot up 2.4 percent as the London Exchange opened Monday before retreating to stand 1.5 percent higher at $8.06 in late-morning trading. BP shares, which traded at about $10.38 before the Gulf of Mexico disaster, climbed back above $7.92 only last week.
The stock also was helped Monday by news that BP had won exploration rights in the Ceduna Sub Basin off the south coast of Australia.
The Russian deal gives Rosneft a 5 percent stake in BP, which in turn takes 9.5 percent of Rosneft shares. Rosneft shares were up 4 percent on the MICEX exchange in Moscow.
Analysts in London say the move is a bold one by BP, but it will have to wait years for a payoff, assuming that significant oil reserves are found.
