Rosneft , the state-controlled Russian oil firm, said cooperation talks with British oil major BP could continue despite the expiry of a deadline for a share swap deal between the two companies.

Rosneft and BP failed on Monday to agree with the partners in BP's Russian venture TNK-BP on a $32 billion buyout of their 50 percent stake in the company held through the AAR consortium.

A buyout would have unblocked the deal struck in January between BP and Rosneft to conduct a $16 billion share swap and Arctic exploration deal, whose deadline expired on Monday night.

As a result of the negotiating process between BP and AAR, Rosneft has received proposals which go beyond the previous agreements and do not require the extension of the deadline (for the share swap) which expired on May 16, 2011, Rosneft said in a statement.

These proposals make it possible to discuss our further cooperation outside the agreements which have already expired.

The statement, the first official comment from Rosneft on the collapse of talks, leaves the door open to finding a new way to close the deal.

Rosneft added it would announce its own plans to develop the Arctic Kara Sea blocks it had planned to develop with BP.

Considering these proposals, Rosneft will above all be guided by the need to respect the interests of its shareholders and the necessity of fulfilling its licensing agreements on the Arctic shelf, where the company is continuing active work.

(Writing by Melissa Akin; editing by Douglas Busvine)