A proposed $16 billion deal between Rosneft and BP collapsed last month after TNK-BP, a joint venture between BP and four Russian billionaires, claiming it violated the shareholder agreement with its British counterparts.
BP Chief Executive Officer Bob Dudley was quoted by London newspaper The Guardian as saying the Rosneft deal was one of several opportunities for his company in the arctic.
Energy companies are looking to the arctic for new reserves as melting sea ice makes access to the area more possible.
BP was reportedly looking to dump some of its shares in TNK-BP to get around the shareholder conflict.
"BP is not planning to sell its shares in TNK-BP," said Dudley. The relationship with Rosneft, he added, was on solid ground.
Dudley was quoted by The Guardian as saying there were no regrets on the Rosneft proposal, however.
"I don't think we would have done anything differently," he said.
Rosneft is looking to team with Royal Dutch Shell for possible work in the arctic.