In first-quarter 2011, a string of deals was announced that appeared to herald a sea-change in Russian government attitudes to foreign investment in the oil and gas sector. Amongst them was the proposed share swap and strategic partnership between UK oil major BP and state-owned oil company Rosneft and a deal between France's Total and Russia's largest independent gas producer Novatek. Rosneft also announced agreements with US majors Chevron and ExxonMobil to develop offshore blocks in the Black Sea and revealed that it was in talks with other foreign companies on possible cooperation, particularly in the Arctic. The aim was to attract new cut-edging technologies and share exploration risks in return for access to Russia's offshore reserves. These, under Russian law, are largely the preserve of Rosneft and Gazprom.
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