ExxonMobil has joined up with Russian oil company Rosneft to share their technologies and expertise in exploring and developing oil and natural gas in Russia.

The ‘Strategic Co-operation Agreement’ signed yesterday includes the management of an exploration programme in the Kara Sea and Black Sea, which is estimated to cost more than $3.2 billion (£2bn) for initial exploration. They will also establish a joint Arctic Research and Design Centre (ARC) for Offshore Development in St. Petersburg, Russia (pictured), which will support the stages of oil and gas field development and help ensure the projects are environmentally safe.

Rex Tillerson, Chairman and CEO of ExxonMobil said the agreements are “important milestones in this strategic relationship”. He added: “Our focus now will move to technical planning and execution of safe and environmentally responsible exploration activities with the goal of developing significant new energy supplies to meet growing global demand.”

Rosneft’s President and the CEO of ExxonMobil said they were encouraged to carry out the projects by the Russian government’s efforts to reform taxation in the oil industry and also improve investment for Russian and foreign oil companies.