ExxonMobil and Russian oil giant Rosneft could invest over $500 billion in a joint venture to explore for and produce oil in the Arctic and the Black Sea.

Exxon has teamed up with Russian oil giant Rosneft to develop oil and natural gas fields in Russia and North America.

The companies also said in a presentation Wednesday that recoverable hydrocarbon reserves at the three key Arctic fields are estimated at 85 billion barrels of oil equivalent. A final investment decision is expected between 2016 and 2017, they said.

Under the deal, Texas-based company will have access to some of the world's richest sources of crude oil and other hydrocarbons the Russian Arctic and the Black Sea. In turn, Rosneft will take ownership stakes in three Exxon projects in the U.S. and Canada.