BP Russia vice president Vladimir Drebentsov blamed the decision on US and European sanctions against Russia and its state-run companies.
BP and Rosneft announced their intention to form a joint venture to explore the Domanik tight oil reservoirs last May.
Despite holding a stake of almost 20% in Rosneft since 2013, BP has not been granted direct access to Russian oil and gas assets controlled by Rosneft as it had hoped.
However,
