Russia's state-owned Rosneft has signed a lucrative deal with U.S. energy giant ExxonMobil.
The agreement, signed on February 13, gives ExxonMobil access to seven Arctic fields in return for Rosneft's possible share in an energy project in Alaska.
Russian President Vladimir Putin was present as Rosneft chief executive Igor Sechin and ExxonMobil senior executive Stephen Greenlee signed the agreement in Moscow.
The new deal extends the two companies' strategic agreement in 2011, which focused on Russia's Arctic offshore field development.
ExxonMobil said that Rosneft can now acquire a 25 percent stake in its Alaskan project.
The proposed project, called Point Thomson, consists of several gas fields and oil that ExxonMobil has owned for decades but could now start developing in the near future after recent government approval.
Based on reporting by AFP and ITAR-TASS