Leading international law firm Akin Gump Strauss Hauer & Feld LLP is advising long-standing client ExxonMobil in its ongoing multibillion-dollar joint venture agreement with Rosneft.

The two companies signed agreements on April 16 in New York to implement the long-term Strategic Cooperation Agreement, which was initially signed in August 2011, to jointly explore for and develop oil and natural gas in Russia and to share technology and expertise.

These latest agreements form joint ventures to manage an exploration program in the Kara Sea and Black Sea. Exploration began in the Tuapse licence block in Russia’s Black Sea in September 2011, and drilling of the first exploration well is planned for 2014-2015. Seismic and environmental programs are also planned for the Kara Sea’s Prinovozemelsky Blocks later in 2012, with drilling to begin in 2014. The two companies will also work jointly to develop technologies for oil production in Western Siberia.

International corporate transactions partners Richard Wilkie and Alexey Kondratchik in Akin Gump’s Moscow office are leading the team advising ExxonMobil, supported by counsel Oleg Isaev (corporate) and associates Ivan Meleshenko (tax) and Alexander Shalaev (antitrust) in Moscow and senior counsel Ned Barlas (intellectual property) in New York.