Rex Tillerson - tendency of Jun 17

Rex Tillerson

Information about Rex Tillerson

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In August 2011, Putin attended a ceremony in Sochi where Tillerson and Sechin signed an agreement between ExxonMobil and Rosneft to drill the East-Prinovozemelsky field in the Arctic Ocean valued at up to $300 billion. The Rosneft deal also gave the state-owned oil company a 30% stake in Exxon owned assets in the U. S. Gulf of Mexico, Canada, and West Texas. The company began drilling in the Kara Sea in the summer of 2014, and a round of sanctions against Russia introduced in September that year due to the Ukrainian crisis was to have brought the project to a halt in mid-September. Nevertheless, the company was granted a reprieve that stretched the window to work until October 10, which enabled it to discover a major field with about 750 million barrels of new oil for Russia. In July 2017, the U. S. Treasury's Office of Foreign Assets Control fined ExxonMobil $2 million for violating sanctions in its dealings with Sechin, leading the company to sue the government.