NEW YORK (

TheStreet

) --

Exxon Mobil

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announced on Tuesday a strategic cooperation with Russian state-owned

Rosneft

to jointly develop oil and gas reserves in the Russian Arctic, which is one of the last unexplored regions for hydrocarbon resources.

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The exploration is a $3.2 billion program planned for the Kara Sea and the Black Sea and would give Rosneft the opportunity to gain equity interest in Exxon drilling locations in the Gulf of Mexico and some tight oil fields in Texas, the company reported.

Russian Prime Minister Vladimir Putin attended the ceremonial signing of the agreement by Exxon President Neil Duffin and Rosneft President Eduard Khudainatov.

"Our technology, innovation and project execution capabilities will complement Rosneft's strengths and experience, especially in the area of understanding the future of Russian shelf development," Duffin said.

BP

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pursued the same deal with Rosneft earlier in 2011, but failed negotiations left the British petroleum giant with little hope to beat Exxon.

-- Written by Joe Deaux in New York.

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