I wish I could find an opportunity like BP did in 2003 by investing in TNK. In 2003 BP invested $6,5 billion in TNK in exchange for 50% stake. At that time BP market capitalization was about $150 billion. Brent oil cost $30 a barrel.
Today BP share of production from TNK BP accounts for 25% of the group production, while CAPEX is only 8%.
Up to 2011 BP has received $19 billion in dividends from the venture. Or 32% a year, on the original investment, annualized. BP as group paid 5.1% in 2011 to its shareholders.