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Rosneft Clinches Arctic Deal With ExxonMobil

Russian Prime Minister Vladimir Putin (right) speaks with Exxon CEO Rex Tillerson at a signing ceremony in the Black Sea resort of Sochi on August 30.
Russia's state-owned oil firm Rosneft has clinched an Arctic oil-exploration deal with U.S. oil major Exxon Mobil.

Under the agreement, the two firms will spend $3.2 billion on deep-sea exploration in the East Prinovozemelsky region of the Kara Sea and in the Black Sea.

They will also share technology and expertise via staff exchanges and will cooperate on the development of oil fields in Western Siberia.

The venture seemingly extinguishes any remaining chance of Britain's BP reviving its own Arctic deal with Rosneft, which lapsed in May over a legal challenge.

compiled from agency reports