"In important ways we see emerging today a new face of Russia and a new face of energy," O'Reilly told the St. Petersburg audience. He pointed to economic improvement, especially in the last three years, as the basis for continuing Russian progress.

O'Reilly cited a "renewal of the Russian energy sector" as key to the general economic improvement, noting that Russian oil production, currently running at 8.5 million barrels per day, may grow to 10 million barrels per day by 2020.

At the same time the Russian federation's gross domestic product is growing at 20%, government budgets are running a surplus and the nation in repaying its foreign debts ahead of schedule.

"We can do more together, by assuring real, mutual access to our continental markets, by promoting the security and stability of world energy markets and by making sure contracts are respected and that all investments receive genuine and stable protection," O'Reilly said.

In addition, O'Reilly said that these shared opportunities apply equally to private companies with ChevronTexaco's investment in Kazakhstan at the Tengiz oil field and its investment in the Caspian Pipeline Consortium pipeline running through part of Russia, as two examples of successful partnership.