things like the celtic are a key change it still remains high and daddy went out to compete at the shell bp yesterday about when making the game changing that strength is concrete yet to read with an antenna that i did what felt that we are flying around with some saying the changes that take place from a sce tt might make another thinking it would take months and in tons of people their money until she's out of the people tried to take it that they think that was a bit worried about anything else making the transition has taken some tension as he said they already off to anyone to come to us that god made it to make and keep me again. i promise i will share some of its economic consequences from this change. russia says the patient again i not have expected the beginning up to the truth that the station's pants that just yesterday i took my kids for life when just twenty percent. now the middle of taking twenty teeth get oil from russia. if you get the scene quickly on the ground we didn't know we will think i'm dead people here bank had been feeling of anxiety in trepidation. we know what

so i managed to get documents which recorded five meetings that took place between bp and shell and thenment between october 2002 and march 2003. five meetings. one of the meetings was between bp and the british foreign office and the opening sentence was "iraq is the" underlined "big oil prospect." you have bp saying we don't talk about this, we're not thinking about the oil. in private, as documents reveal, they were talking fundamentally about it. >> back in the u.s., the bush administration is also denying a "wall street journal" report that administration officials held meetings about the war with oil industry executives. but british documents now reveal that in the fall of 2002, ahead of the invasion, bp's middle east director held a week of meetings with officials from both the u.s. state department and the pentagon. including with paul wolfowitz, donald rumsfeld's second in command. at the pentagon with just two months until the invasion, attention turns to who will run iraq in the immediate days and weeks after the fall of saddam. retired army lieutenant general jay garner, a m

when you look at bp, exxon, shell, what do they stand to lose from all this? lose a lot because one-third of their oil production comes from russia by virtue of their 20% interest in rosneft. exxon are an operator of the large lng facility on the eastern coast of russia and they plan on investing another $500 billion over the next several years to explore for oil not only in the arctic but as well as in siberia. and shell, they also have an interest in a facility and they are just getting started developing plans for exploration. >> how much, though, can rising crude oil prices like we are seeing today, back over $101, how much can that make up for any sort of issue that takes place with the russians? >> well, it just gives more incentive for the big oil majors to stay in russia because that's one of the last big frontiers for available oil exploration and production. >> we have to leave it there, unfortunately. had a lot of breaking news this story. andy, thank you very much for your thoughts. certainly an area to explore further. >>> coming up next, an epic b

business chiefs from companies like bp and shell, alliance trust, rbs, lloyds, barclays, the list goesn. ♪ no no no no >> of course the scotts have heard this many times now and this comic video a take off by the american star lady gaga. captures the frustration felt by the 40% who were proindependence. but the london elite still imply that scotland is still just too little to function without england's protection. the proindependence argument, yes we can will always resinate better than the drum beat of no you can't. >> it's ironic, because that's part of why we want independence, people are fed of being dictated -- well, not dictated, but, you know, having the policies imposed upon them that they didn't vote for. >> reporter: the more time that passes the clearer it becomes that the political class in london has yet to find a language for the arguments to win this decisively. >>> we'll be back later in the news hour with more from europe. now back to doha. >> thank you. we still have much more coming up in this news hour, including -- >> they were forced to give their thumb brings. >

revolution in this area is that it was -- ucted not by dp or shall by bp, shell, or chevron.hat most people would not know their names. small companies, indeed. and locallocal skills relationship skills. embodied in a set of people called land men. local negotiators. more of whom were probably laid off by the big companies when the big companies thought that there were better things to do. local is very important. i also agree that there are tremendous incentives for local owners to assist in development because they take a direct economic interest in the success of the development. rest of the world, there --a lot of shale that is there is a tremendous prospect of it he for the future. the same technology can be applied. all shales are different. andsize does not fit all you have to spend time making it work. secondly, aboveground, all the circumstances are different. crowded island like the u.k. is not the same as the wide-open spaces in north dakota. it has been at development for a very long time. the technology above ground has to change as well. drilling a forest of wel

revolution in this area is that it was conducted not by exxon or bp or shell or chevron, but by a lot of countries -- some of you may know the names but most people wouldn't. very small companies indeed. the reason for that is that they have local skills. local skills and local relationship skills, embodied in a set of people who are called landman, local negotiators. all of whom were probably fight off by the big companies when the big companies thought that there were better things to do. so local is very important. i also agree that there are tremendous incentives for local owners to assist in development because they take a direct economic interest in the success of the development. now, in the rest of the world there's a lot of shale which is very perspective. i'm personally involved in a lot of that through a company i'd share, with tremendous prospect for the future. the same technology can be applied. but there are a couple of things. first is under the ground. all shales are different. one size does not fit all, and you have to spend time making it work. secondly, aboveground

we've seen what they did with the assets of royal dutch-shell and arguably bp, it's not as crystal clearknow how rational putin is ultimately going to be. >> which is what merkel said. >> exactly. everyone is nervous about it. but my own view about this it's crazy to push this much further. what does russia really want in the 21st century? they want a compliant puppet government in the ukraine. they've taken crimea the largest bloc of pro-russian ukrainian voters and moved them to russia. who is going to vote for russia now in the ukraine? they are forcing the ukraine into nato's arms. . >> angela merkel's also said he's living in a different time. if you look at the opening ceremony of the olympics he's champions a different time. >> exactly. >> when he believes that autocrats should run russia and when they vote they love putin. the people of russia, they've got what they want. >> but several pointed out to me that part of this may be a big diversionary tactic because they love an autocratic leader when the autocratic leader delivers a better standard of living which he had been doing

bp heavily exposed given its 20% stake in russia. royal dutch shellas a stake in russian eng products. ex y exxon and statoil also have stakes in the russian gazprom. russian courts have rejected bp's appeal from recovering money from the gulf oil spill, even if they can't trace their losses back to the disaster. in december, a lower court ruled bp would have to live with an earlier interpretation of its multibillion dollar settlement. the appeal escort says the administrators still have the power to reach out. a bp spokesman says the company disagrees with the ruling and will tr a further appeal. bp trading in this morning's session, as you can see, down by around 0.4%. >>> glencore xstrata trading higher over 2%. it beast forecasts of its annual results since the group was formed after a strong performance off its trading arm. it's in talk toes sell a copper mine in peru for an estimated $5 billion. as we said, we're seeing that market up about 2% in trading today, up around 4% over the last 30 days. stay tuned to cnbc. our colleagues in the u.s. wi