Rosneft, Exxon Announce Arctic Partnership

Exxon Mobil Corp. snatched away a major Arctic exploration deal with Russia's OAO Rosneft from competitors including BP PLC in a sweeping agreement that for the first time gives a Russian state-controlled company access to energy projects in the U.S.

Exxon, entering a country where energy investments are fraught with political risk, agreed to invest $2.2 billion to explore potentially giant oil fields with state-run Rosneft in the ice-choked Kara Sea. It also finalized a deal to spend $1 billion looking for oil in the Black Sea. In return, Rosneft will be able to purchase stakes in some Exxon projects ...