Shares in BP have risen 2% in early trading today following the company's deal with Russia's state owned Rosneft late on Friday.
The deal saw the Russian oil company, which is 75% state-owned, take a stake in BP with BP to increase its stake in Rosneft to 9.5%.
The companies have also agreed to joint exploration for oil in the Arctic shelf. The deal has been criticised by environmentalists who argue that BP has not learned from the Gulf of Mexico disaster.
BP Chief Executive Bob Dudley stated that he believes the deal will "meet the world's demand for energy".
A further deal, for four exploration permits relating to the Ceduna Sub Basin, has been granted to BP by the Australian government.
Drilling in the Sub Basin is due to commence in 2013 or 2014.