U.S. oil major Exxon-Mobil, the world's largest listed oil firm, and Russia's state-owned Rosneft have signed an exploration partnership deal that could see some $500 billion invested in Russia's Arctic region.
The deal, which was signed on April 16 and revealed to analysts two days later, is aimed at developing three Arctic oil fields with reserves estimated at 85 billion barrels.
Rosneft will control two-thirds of the joint venture, and Exxon will contribute all the initial exploration costs.
Rosneft will also get minority stakes in two Exxon project in the United States and Canada.
Moscow will provide lucrative tax incentives, including abolishing export duties and slashing the resource-extraction tax.
Rosneft signed a similar high-profile deal with BP in 2011 that collapsed just months later.
Based on reporting by Reuters, "The Moscow Times," and AP