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Russian venture TNK-BP To Be Fully Arranged by Dec. 1

BP Chief Executive Officer Tony Hayward said he expects to complete the legal documents governing by the end of autumn

The shareholders are now reviewing a list of half a dozen candidates to replace Robert Dudley, who has been replaced August this year.

Tony Hayward told the reporters that the new CEO would be a Russian-speaker though not necessarily a Russian citizen. Three independent directors, who may come from politics rather than the oil industry, will also be chosen this year to help regulate any potential disputes, the BP chief said.

TNK-BP is likely to hold an initial share offer before 2010, Hayward said, with each side selling 10 percent of their shares.

For now the company will focus mainly on exploration and production, including new projects in eastern Siberia and possibly other countries, Hayward said. TNK-BP is considering expanding into Kazakhstan, Turkmenistan and Venezuela, he said, with a Venezuelan project at the most advanced stage.