“We’ll continue to have those discussions,” Chevron Chief Executive John Watson said after making a speech in Houston, adding he did not believe the Exxon deal would affect them.

“We’re looking for the right opportunity in Russia and they’ve been welcoming in recent years to Western technology,” he added.

“I expect you’ll see more opportunities with Western companies there.”

Rosneft said in June it was talking to Chevron about possible cooperation in the search for Arctic oil, but industry experts say that was not necessarily the same prospects involved in the major deal signed between Exxon and Rosneft on Tuesday.