According to a report from Bloomberg, Russia is withdrawing from the Burgas-Alexandroupolis pipeline, conceived of in 2007 with Bulgaria and Greece, to bypass Turkey’s crowded Bosporus Strait. The New York Times considers why Russia is undaunted by the idea of drilling in the risk-laden Arctic territory. Bloomberg talks to one of its journalists, the co-author of a new book on how BP’s cost-cutting measures laid the foundations for the Gulf of Mexico crisis, about the company’s development under former swashbuckling CEO John Browne. Gazprom Neft has announced it has taken 100% control of Sibir Energy after the withdrawal of the Moscow government-controlled Central Fuel Company. Gazprom apparently expects total export revenues to rise to $72.4 billion this year, surpassing the 2008 record of $2 billion. Venezuela has picked at least four companies from China, Malaysia, Russia and Algeria for a much-awaited offshore natural gas project in the South American OPEC member, Reuters reports.