ExxonMobil (NYSE:XOM) announced in a press release that it has signed an agreement with Russian oil major Rosneft to establish a joint venture to explore the production of tight oil reserves in western Siberia.

The Russian firm will hold 51% of the joint venture and provide much of the manpower and infrastructure for the project. ExxonMobil will have the minority stake, and bring its technology and engineering know-how, plus financing of up to $300 million. The project will take place at Rosneft's 23 license blocks. These cover a total area of more than 10,000 square kilometers (3,861 square miles).

Drilling is to begin in 2013.

In a separate ExxonMobil press release, the company said that it, and Rosneft, had also signed a declaration to protect the environment and biodiversity of the Russian Arctic continental shelf in their endeavors in the region.

Eric Volkman has no positions in the stocks mentioned above. The Motley Fool owns shares of ExxonMobil. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.