The President of Russia Vladimir Putin believes that Russia’s oil major Rosneft and ExxonMobil should broaden their cooperation and jointly manage projects in the Gulf of Mexico and the U.S.

The Russian President made the statement on the cooperation of the two country’s oil giants in mid-July during a video conference call with the CEO of Rosneft Igor Sechin and the President of Exxon-Mobil Development Neil Duffin. He said that there was still a great deal of work that had to be done. He expressed satisfaction with ExxonMobil’s decision to partner up with Rosneft, which is one of the largest oil companies in Russia. The President also said that similar collaborative efforts will be undertaken by the two companies in other parts of the world, just as they will be in the United States and the Gulf of Mexico.

During the past year, ExxonMobil and Rosneft signed an agreement that gave Rosneft impressive 30- percent stakes in three different projects in North America. The first project is directed at tight oil development in the western region of Texas. The second project is for the exploration of 20 deepwater blocks that lie in the Gulf of Mexico. The third project involves shale oil production in Alberta, Canada.

The relationship between the two companies strengthened further this June when they finalized a deal that aims at constructing the first ever liquefied natural gas plant in Russia. The location for this facility is yet to be decided, although the plant will probably be built in the Far Eastern region of the country.