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Halliburton to exit Russia. Schlumberger, Baker Hughes, Weatherford stopped new investments

The companies account for about 13% of the total oilfield services market in Russia

Halliburton to exit Russia. Schlumberger, Baker Hughes, Weatherford stopped new investments

Houston, March 21 - Neftegaz.RU. Schlumberger has the largest presence on the Russian market, the company has more than 11 000 employees in Russia, and Schlumberger's contribution to the Russian economy exceeds $4.5 billion in taxes, infrastructure investments and procurement costs in the domestic market.

At the beginning of March, a lot of protesters stood in front of Schlumberger's Houston office and called on the company to stop its business with Russian-owned energy companies.
Schlumberger´s CEO Olivier Le Peuch said:
  • As the situation has developed, we have been evaluating our path forward, and have decided to immediately suspend new investment and technology deployment to our Russia operations
  • Safety and security are at the core of who we are as a company, and we urge a cessation of the conflict and a restoration of safety and security in the region
Another oilfield services provider, Houston-based Weatherford, said that it has suspended all new investments in Russia.
Girish Saligram, Weatherford´s CEO, commented:
  • Following the implementation of sanctions on February 24, we placed a hold on shipments and immediately suspended making any new investments or deploying new technology in Russia
  • We have no active joint ventures or partnerships in Russia
Baker Hughes became the latest American oil company to walk back its planned investments in Russia.
A major U.S. oil services company is suspending new investments for its Russia operation and is complying with applicable laws and sanctions as it fulfills current contractual obligations.
Lorenzo Simonelli, CEO of Baker Hughes, said:
  • The crisis in Ukraine is of grave concern and we strongly support a diplomatic solution
  • We condemn violence and our hearts go out to the people and families of those impacted
Halliburton, the world’s top provider of fracking services, is the only oilfield contractor to halt current and future work in Russia.
The company said it halted all shipments of specific sanctioned parts and products to Russia several weeks ago and had no active joint ventures there.

Source : Neftegaz.RU

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