© Misha Japaridze/AP Photo
A drilling rig at the Val Gamburtsev oil fields in Russia's arctic far north
A drilling rig at the Val Gamburtsev oil fields in Russia's arctic far north
As relations between Russia and the West sour over Russia's apparent annexation of Crimea, ties between U.S. and Russian energy companies have never been stronger. The closest partners are Exxon and Rosneft. Not only are they exploring for oil together in the Arctic as part of a $500 billion joint venture formed in 2011, the two companies are planning to frack shale fields in Siberia, drill a well in the Black Sea, and start construction on a natural gas export terminal in eastern Russia. Exxon has such a good relationship with the Russians, last summer President Vladimir Putin awarded Chief Executive Officer Rex Tillerson the Order of Friendship during an economic forum in St. Petersburg.
In the two decades since the Cold War ended, the U.S. and Russia have forged some marginal partnerships in a handful of areas. Russian and American astronauts work together on the International Space Station. The Russian military helps the U.S. get equipment in and out of Afghanistan. But the strongest area of cooperation has come in the energy industry, where U.S. oil majors such as Exxon and Chevron(CVX) have entered into a number of joint ventures with Russia's state-owned energy giants Rosneft and Gazprom.
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