Russian energy company Gazprom Neft announced it signed a technology-sharing deal with oil services company Weatherford International.

"The signing of this agreement supports the expansion of our current relationship and will undoubtedly prove to be beneficial in achieving the long term strategic goals of both organizations," Lance Marklinger, regional vice president for Weatherford, said in a statement.

Both companies said they'd work together to find "the right technology solutions" for oil field development.

Weatherford, one of the largest companies of its kind, has a heavy footprint in the Middle East.

Gazprom Neft, the oil division of Russian energy giant Gazprom, has announced plans to explore parts of the arctic north and last week started sending oil from Iraq through a new pipeline system tied to the export terminal in Basra.

"Our company is in constant search for solutions that will enable us to implement increasingly complex projects, while improving our operating results through the use of the most environmentally-friendly technologies," Vadim Yakovlev, first deputy general director at Gazprom Neft, said Wednesday.

Gazprom Neft may be a target of new European sanctions imposed in response to ongoing crises in Ukraine.

Weatherford has headquarters in Switzerland.