"These agreements are important milestones in this strategic relationship," Rex Tillerson, chairman and chief executive officer of Exxon Mobil Corp., said in a statement. "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."
The signed deal on the venture concluded an August strategic cooperation agreement to explore for and develop oil and natural gas in Russia.
A seismic survey in the Russian waters of the Black Sea began in September under the terms of the strategic agreement. Drilling is planned as early as 2014. The first exploration well in the Kara Sea is anticipated by 2014.
Both sides also agreed to develop so-called tight oil in Western Siberia.
A subsidiary of Rosneft, Neftegaz Holding Ltd., takes 30 percent of Exxon's equity in basins in western Texas and in the U.S. waters of the Gulf of Mexico. A separate Rosneft subsidiary, RN Cardium Oil Inc., takes a 30 percent interest in Exxon's stake in unconventional oil plays in Alberta, Canada.
Financial terms weren't disclosed in the announcement.