The agreements, form part of the companies’ long-term strategic cooperation agreement signed in August 2011.

The companies plan using advanced technologies that ExxonMobil has successfully employed in North America and establish a pilot program to determine the technical feasibility of developing the reserves.

As per the deal, ExxonMobil will finance the geological studies and exploratory drilling for the development of researves in which Rosneft will own a 66.67% stake and ExxonMobil the remaining 33.33%.

Rosneft and ExxonMobil will approve a work program for selected Rosneft license blocks which will include geological studies and drilling of Bazhenov and Achimov reservoirs, scheduled to begin in 2013.

Rosneft president Igor Sechin said the company is not only looking at new geographical regions of operation but is also studying the potential of difficult to produce reserves in traditional oil producing regions.

"In Western Siberia, an extremely promising area in this respect is the Yuganskneftegaz Region," he added.

"Development of these reservoirs will require a combination of state-of-the-art technologies, expertise in developing tight reservoirs, and appropriate fiscal terms, which the government of Russia started preparing this year. This will both help meet the growing need for energy in Russia itself and maintain stability in global markets."

The other agreement will also see both the companies establish a joint Arctic research center for offshore developments.

The center will provide a full range of services to support all stages of oil and gas development on the Arctic shelf, including ice monitoring and management, design of ice resistant offshore vessels, structures and Arctic pipelines, logistics and safety.