Russian energy giant Rosneft has instructed Freshfields Bruckhaus Deringer to advise on a $1bn (£630m) agreement with ExxonMobil to explore the Black Sea for oil, writes the Am Law Daily.

The deal, which was announced at the World Economic Forum in Davos, is the second major mandate Freshfields has received from the state-backed Russian company in recent weeks after being instructed in January on a $16bn (£10.1bn) partnership between BP and Rosneft.