The agreement provides Rosneft with opportunities for equity interest in a number of Exxon's exploration opportunities in North America, including deep-water Gulf of Mexico and oil fields in Texas, the release said. The agreement involves conducting a joint study of developing oil resources in western Siberia, also. The companies will create an Arctic Research and Design Center for Offshore Developments in St. Petersburg, to be staffed by Rosneft and Exxon employees.

"Today's agreement with Rosneft builds on our 15-year successful relationship in the Sakhalin-1 project," Exxon's Duffin said. "Our technology, innovation and project execution capabilities will complement Rosneft's strengths and experience, especially in the area of understanding the future of Russian shelf development."

Exxon Chairman and CEO Rex Tillerson, who also attended the ceremony, said the "large-scale partnership represents a significant strategic step by both companies," and that the "agreement takes our relationship to a new level and will create substantial value for both companies." The agreement provides for constructive dialogue with the Russian government about the creation of a fiscal regime based on global best practices.

Exxon replaces BP Plc as Rosneft's partner at three blocks in the arctic Kara Sea, Bloomberg noted, after some of UK explorer's partners blocked that agreement this year. Prime Minister