Exxon Inks This Lucrative Deal

After nearly a year of discussions, ExxonMobil (NYSE:XOM) reached an agreement Monday with Rosneft to secure upstream access to North America for the Russian oil firm and to allow the two to explore for oil in Russia’s Arctic offshore.

The alliance was signed outside of Moscow at Prime Minister Vladimir Putin’s Novo-Ogaryovo residence by the chief executives of both companies.

The first project is developing “tight” oil reserves in West Texas, followed by projects in the Gulf of Mexico and Canada’s Alberta.

The two firms said they will spend $3.2 billion to explore for oil in Russia’s offshore and in the Black Sea, and initial 3-D seismic survey work will begin offshore in 2012, the companies said.