The companies said they picked Russia's Vostochny Offshore Structures Construction Yard to examine the platform designated for the shallow waters of the Kara Sea near the Yamal Peninsula.
The concept for the platform will be evaluated for a 48,600-square-mile area in water depths of 65-650 feet.
Rosneft Chief Executive Officer Igor Sechin said the concept reflects a growing partnership with Exxon Mobil.
Exxon Mobil and Rosneft in August signed a sweeping deal that included development in parts of the Black Sea and the South Kara Sea in the Russian arctic. There may be as much as 85 billion barrels of oil in the Kara Sea.
The company described safety and environmental protection as key attributes to any exploration work in the Russian arctic.
Notable deaths of 2014 [PHOTOS]
WTI avoids falling below $80 per barrel