BP has reported a 13 per cent fall in second-quarter profits, on the back of a decline in oil production and operational problems at the company’s US refineries.

Like all the oil majors BP is struggling to find new reserves. So, despite its recent troubles in Russia, BP has signaled that it is seeking more joint ventures there as well as with other resource-rich countries as a way to deliver growth.

Last month, following months of pressure from the Russian authorities, BP’s 50 per cent-owned joint venture TNK-BP was forced to sell its stake in the vast Kovykta gas field to Gaxprom, the state-controlled gas company, at a bargain price.

But BP still sees great potential in investing in Russia, and hopes for further development of joint ventures with Gazprom and other Russian companies. As part of the Kovykta deal, BP, TNK-BP and Gazprom agreed to set up a global joint venture worth at least $3bn (€2.2bn) that could develop projects inside and outside Russia.

Deals with Russia could involve Gazprom taking stakes in BP assets worldwide, including projects in liquefied natural gas, which is one of the Russian company’s ambitions for expansion.