BP Share News (BP.)

BP chief executive Bob Dudley has come in for some sharp criticism after the $16bn share swap with Russian rival Rosneft was blocked again last night.The Arctic exploration deal with the state-owned oil giant has been scuppered after an injunction issued to Alfa-Access-Renova (AAR), the UK firm's Russian partners in its TNK-BP joint venture, was renewed by an arbitrator until 7 April.But analysts think a man with Dudley's experience - he was famously chased out of Russia in 2008 while head of TNK-BP - should have done a better job of making sure its plan was watertight.There's now talk Royal Dutch Shell may seek a tie-up with Kremlin-backed Rosneft.An arbitration panel was called in after AAR won a temporary injunction against the deal, under which BP and Rosneft would explore for oil in the Arctic offshore.The oligarchs that own AAR, which has a 50% stake in TNK-BP, were left fuming when BP got into bed with Rosneft without consulting them first.They claim the deal violates an agreement with BP that includes a clause giving them the right to be part of any exploration on Russian soil."We won," an AAR spokesman told reporters.BP said it was "disappointed" but "looks forward to finding a way to resolve its differences with its Russian partners to allow these important Russian Arctic developments to proceed in future."Analysts at Evolution Securities say the latest development could fuel fears over what concessions BP may have to make in order to appease its TNK partners. "This could manifest itself in many ways including offering stakes in projects outside Russia, which the TNK partners had previously desired," they say.LW