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MOSCOW -(Dow Jones)- U.S. oil main Exxon Mobil Corp. (XOM) and Russia's OAO Rosneft (ROSN.RS) Tuesday announced a international joint venture that would include $ 3.two billion in exploration offshore Russia, marking Russia's most decisive stage ahead to draw in international oil heavyweights considering that the demise of a comparable enterprise between Rosneft and BP PLC (BP). The arrangement, signed in the Russian Black Sea resort of Sochi, would undertake new expense in the Kara Sea of the Russian Arctic and a Black Sea task, in accordance to a joint assertion from the two firms. The offer was signed by Rosneft and Exxon executives in a meeting attended by Prime Minister Vladimir Putin and Exxon Chief Executive Rex Tillerson, according to the press release. Rosneft's global agreement with Exxon is a setback for BP Plc (BP.LN), which had sought to work with the Russian state-managed firm in the Kara Sea but faced decided opposition from its partners in its Russian joint enterprise, TNK-BP. BP declined remark Tuesday afternoon. Meanwhile, the deal marks a victory for Putin and his deputies, who have sought to lure a global oil large with offshore knowledge and technology in buy to produce fields in the Kara Sea and elsewhere in order to improve Russia's oil creation, which has leveled off at about ten million barrels a day. Exxon already performs in the Sakhalin-1 venture on Russia's Pacific Coast and before this yr had signed a Black Sea agreement with Rosneft. Employees from Rosneft and Exxon will build a Arctic Study and Design and style Center for Offshore Developments in St. Petersburg, Exxon mentioned. The companies will work on blocks one, 2, and three of the East Prinovozemelsky task on the Arctic shelf, the exact same project offered previously this year to BP in an abortive deal that had concerned a share swap with Rosneft. Exxon will get a 1-3rd equity curiosity in the two the Prinovozemelsky task in the Kara Sea as effectively as in the Tuapse Block in the Black Sea, with Rosneft holding 66.seven%. Tuesday's Exxon partnership will permit Rosneft to gain an equity stake in the U.S. company's exploration projects in the deep h2o of the Gulf of Mexico and particular oil fields in Texas, as nicely as other projects, Exxon stated. Royal Dutch Shell PLC (RDSA.LN), which has also held talks with Rosneft about Kara exploration, declined quick remark on the Exxon deal Tuesday afternoon. Peter Hutton, analyst at RBC Cash Markets, said the Exxon deal was a key setback for BP and Shell. "This is as a lot a blow to Shell as to BP," explained Hutton. "I feel BP knew it was lost, that the opportunity was absent." But the exploration possibility in the Kara Sea remained for other organizations, "in a bundle that was accessible, presented and quantifiable" he extra. Rosneft climbed 1.4% to RUB224.10 rubles in Moscow. Exxon shares are off one.03 or one.4% to $ 73.06. (James Herron in London contributed to this report.) Copyright &duplicate 2011 Dow Jones Newswires