British oil and gas company BP has an even greater exposure to Russia, which is its second largest source of earnings and output. BP gets a million barrels of oil per day from Russia. It owns a 19.8% stake in Rosneft. Earlier in May, BP and Rosneft signed an agreement to explore central Russia for unconventional fuel. In June, BP entered into a $1.5 billion deal with Rosneft under which the Russian company agreed to supply up to 12 million tons of oil and oil products to BP on a prepaid basis for five years.

French oil major Total owns 17% of Novatek. In late-2011, Total and Novatek started developing the Termokarstovoye natural gas field. The project is slated to kick off in 2015 with production of 65,000 barrels of oil equivalents per day.

Total has also partnered with Novatek and Sinopec (SNP) to develop the $27 billion Yamal LNG project in the Russian Arctic. In this project, Total, along with its partners, planned to drill more than 200 wells and construct three LNG liquefaction plants with a combined capacity of 16.5 million tons per year.

Yamal LNG, in which Novatek, Total and Sinopec hold 60%, 20% and 20% stakes, respectively, is expected to begin production from 2017.

At the time of publication, the author held no positions in any of the stocks mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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