• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 12 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 13 hours The United States produced more crude oil than any nation, at any time.
  • 12 hours How Far Have We Really Gotten With Alternative Energy
  • 12 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 1 day Bankruptcy in the Industry
Gold Surges Past S&P 500 in Five-Year Growth

Gold Surges Past S&P 500 in Five-Year Growth

Gold has outperformed the S&P…

U.S. Sanctions on Venezuela Snap Back Into Place

U.S. Sanctions on Venezuela Snap Back Into Place

The U.S. has reimposed sanctions…

World’s Top Oilfield Services Provider Not Leaving Russia

SLB, the biggest oilfield services firm in the world, is not planning to abandon its business in Russia, chief executive Olivier Le Peuch told the Financial Times in an interview published on Monday.   

Pressure has mounted on companies, especially in the oil and gas industry, to withdraw from Russia after the invasion of Ukraine in February 2022.

Many energy majors and oilfield services companies – including Exxon, Shell, BP, Baker Hughes, and Halliburton – have either announced plans to quit Russia or plans to do so as soon as applicable Russian laws allow. But not SLB, which last year was included on the list of international war sponsors by Ukraine’s National Agency on Corruption Prevention (NACP).

“When we decide, we will make it public if we need to. But now, there is no decision yet,” SLB’s Le Peuch told FT. 

“The team over there is operating autonomously and I think is behind the curtain to some extent. We are protecting our assets, that’s our priority,” the executive added.

SLB said last summer that it was halting all shipments of products and technology into Russia from all SLB facilities worldwide, in response to the continued expansion of international sanctions—more than a year after other major Western oilfield services providers and oil and gas producers abandoned their Russian operations.

Baker Hughes and Halliburton, sold their Russian businesses in 2022, while Big Oil ended new investments in Russia and said they would be looking to exit the Russian market as soon as applicable regulations allow.

SLB, however, only “voluntary measures to curtail its Russian activity and announced that it would make no new investments in Russia and would not deploy new technology used in its services business.”

To compare, Baker Hughes signed in August 2022 an agreement to sell its Oilfield Services business in Russia to its local management team.

A month later, Halliburton announced it completed the sale of its Russia operations to a Russia-based management team made up of former Halliburton employees. As a result, Halliburton no longer conducts operations in Russia. The new Baker Hughes and Halliburton businesses in Russia operate independently of their former parent companies.


By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News