US oil major Exxon Mobil has clinched an Arctic oil exploration deal with Russian state-owned oil firm Rosneft.

The venture seemingly extinguishes any remaining chance of BP reviving its own deal, which lapsed in May.

The agreement was signed on Tuesday in the presence of Prime Minister Vladimir Putin, a Rosneft spokesman said.

Prime Minister Putin said that it would also allow Rosneft to develop fields in the Gulf of Mexico and Texas, according to local media reports.

“New horizons are opening up. One of the world’s leading companies, Exxon Mobil, is starting to work on Russia’s strategic shelf and deepwater continental shelf,” he said.

Under the agreement, the two firms will spend $3.2bn on deep-sea exploration in the East Prinovozemelsky region of the Kara Sea, as well as in the Russian Black Sea.

Exxon described these areas as “among the most promising and least explored offshore areas globally, with high potential for liquids and gas”.