Eni Chief Executive Officer Paolo Scaroni and Rosneft Vice President Igor Pavlov signed an agreement Monday in Moscow to formalize an April deal for joint work in the region.
"Today's signing represents another important step toward the commencement of exploration activities in two areas of great mining potential and strengthens the partnership between Eni and Rosneft, which is strategic for the development of Eni's activities in the Russian upstream," Eni stated in a statement.
Monday's deal is specific to financing the joint work in the Fedynsky and Tsentralno-Barentsevsky licenses in the Barents Sea and the Zapadno-Cernomorsky in the Black Sea. Eni, under the terms of the agreement, represents a 33.3 percent interest in a joint venture with Rosneft.
The Italian energy company estimates there are at least 36 billion barrels of oil equivalent in recoverable reserves in the deposits on Russia's continental shelf.
No financial aspects or timelines for development were announced.