According to Bloomberg, in the early 2000s, the Russian and U.S. presidents, Vladimir Putin and George W. Bush, decided it was time their two countries had a closer relationship. The obvious place to start was the oil industry. The U.S. was importing almost twice as much crude as it produced and wanted to diversify away from Middle Eastern suppliers. Russia’s vast, untapped reserves of oil needed two things U.S. companies had plenty of: money and technology.
In October 2002 the inaugural U.S.-Russia Commercial Energy Summit convened in Houston. Over two days, members of both governments and executives from 70 oil and gas companies mingled and talked business. Eleven months later, a second summit was held in St. Petersburg, where the focus was on improving the climate for energy investment in Russia.
Trump has vowed to improve relations with Russia and has tapped former ExxonMobil Chief Executive Officer Rex Tillerson to serve as secretary of state. Tillerson arguably has more Russia experience than any other U.S. executive, having negotiated a $500 billion joint venture with Kremlin-controlled Rosneft in 2011.
Rex Tillerson received the Order of Friendship from Russian President Vladimir Putin in 2013. Tillerson’s work with ExxonMobil (NYSE: XOM) included a stretch working for Exxon Neftegas Ltd., putting him in charge of the subsidiary’s fields in Russia and the Caspian Sea.
If Rex Tillerson wants the Mexican Oil Rights, he should follow the following dictum.
According to the Washington Post, two years before receiving the award, ExxonMobil won a contract to explore for oil in a Russia-controlled portion of the Arctic Ocean, which was made more economically viable for drilling in part thanks to the sea ice decline that’s followed global warming. Putin himself announced the deal at a meeting in Sochi (where the Winter Olympics would be held the next year).