A week after agreeing to form a $16 billion joint venture with BP to explore for oil in the Arctic, Russian energy giant Rosneft used the occasion of the World Economic Forum in Davos, Switzerland to sign a $1 billion agreement with ExxonMobil to probe the Black Sea for black gold.

As in the BP transaction, the government-owned Rosneft turned to Magic Circle firm Freshfields Bruckhaus Deringer for outside counsel on the joint development agreement with ExxonMobil, under which the parties will work together to develop deepwater oil and gas resources in areas like the Tuapse Trough.

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