Russia’s Prime Minister Vladimir Putin late on Tuesday announced an agreement between US oil conglomerate ExxonMobil and Russia’s Rosneft to explore the country’s oil-rich Arctic continental shelf.

The deal replaces a comparable but failed agreement with BP that differs in that Exxon offers Rosneft assets in Texas and in the Gulf of Mexico in exchange for access to untapped hydrocarbon deposits in the Russian Arctic.

“This project promises to be highly interesting and ambitious. Today’s event is sure to receive a positive reaction from the world energy markets; Exxon’s exploration of Russia’s strategic continental and deep water shelf will open new horizons,” Putin said.

He added: “The scope of investment in this project is very large. In all, direct investments will amount to $200bn to $300bn, including funding for development, infrastructure and new construction, the amount of investment could reach $500bn.”

In similar news actress Daryl Hannah was arrested for her part in a protest outside the White House.

The actress and other activists have taken umbrage at the proposed Keystone XL pipeline, which would run through six states to refineries in Texas.

Daryl Hannah led the protests in asserting that the world is already too reliant on fossil fuels.

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