Russia reaches out to American oil companies

Domestic oil companies may find work outside of the geographical boundaries of the United States that will test their equipment and require them to work in different conditions from what they're used to.

The International Business Times recently highlighted one example of how this could happen, featuring a Q&A with Sergio Millian, the president of the Russian-American Chamber of Commerce. Millian spoke about the possibility for American oil companies to bring their expertise and equipment to projects in Russia.

A forum is being conducted to try and sway some of the biggest names in the oil industry, like Exxon Mobil and Chevron, to begin work in the northern, arctic territories of that country.

Millian explained that although American participants in this endeavor would need to work under the rules set by the Russian government, partnerships could open up significant opportunities for all companies involved and lead to increased investment in both countries.

He also explained that what makes U.S. companies such valuable partners is their lead in drilling equipment.

"They would like to partner with the American companies because technologies from the shale revolution have been developed here, and most of the European countries don't have this technology yet.," Millian said of stakeholders in the Russian energy industry. "They want to explore the Arctic Sea and Eastern Siberia."

While David Francis of the Fiscal Times wrote about this being a contentious issue, it's also possible that U.S. companies can use this as an opportunity. Of course, success would depend on American drilling technology holding up in the face of snow, ice and extreme temperatures.

When equipment is being used in difficult conditions, companies may need to turn to a reliable provider of custom machining services to replace any key parts that are damaged by the elements.