Russia has been at the top of the list of oil-producing nations for years, but for most of that time access to those oil fields was restricted by the Iron Curtain. Today, thanks to a liberalization of the Russian oil and gas industry, we're starting to see some of the big names in oil line up to ink exploration deals with the national oil and gas giants. 

The reasons to get on board in Russia are huge. A recent Arctic exploration deal that ExxonMobil (NYSE:XOM) just netted with Rosneft is for a region that is twice the size of the entire Bakken formation in the United States. Tune in to the following video, where fool.com contributor Tyler Crowe looks at what both sides get out of the arrangement and what it could mean for investors in Big Oil.