BP's (BP) headache continues over its planned share swap with Russian-owned Rosneft. According to a report from Sky News, the Association of British Insurers (ABI) announced its concerns over the impact of the swap. ABI reportedly controls 10% to 15% of the U.K. stock market.
ABI's reservations also include a Swedish court's decision to block BP's planned venture with Rosneft in the Arctic. Perhaps most concerning of all -- and not just to ABI -- is Wednesday's report announcing that U.S. prosecutors are considering manslaughter charges against BP for its Gulf of Mexico oil spill. Eleven oil workers were killed as a result of the spill.
What companies may enter the sector next? Total (TOT) recently brought $4 billion into play with Russian gas producer Novatek, and Exxon (XOM), with Rosneft, has announced an exploration agreement in the Black Sea. Shell is also discussing possibilities with Rosneft in the Arctic.