Italy‘s Eni and Rosneft are expected on Wednesday to sign an agreement to jointly tap Russian offshore oil and gas deposits in the Arctic and Black Sea, industry sources told Reuters.

The agreement is modeled on the multi-billion-dollar deal between Rosneft and ExxonMobil, finalised last week, to tap Russia‘s offshore energy riches and team up on joint projects abroad.

“The deal will be similar to that between Rosneft and Exxon,” one of the sources said.

The sources said that Eni will obtain 30 percent in a planned joint venture with Rosneft which will develop offshore oil and gas in the Barents Sea near Russia’s maritime border with Norway, as well as deposits in the Black Sea.

Eni will cover initial exploration costs, according to the sources. “Rosneft will get a possibility to enter Eni’s international projects,” a source said.

Source: http://uk.reuters.com/article/2012/04/25/rosneft-eni-idUKL6E8FP0YG20120425