Wednesday, February 8, 2023
HomeAll Ch00 Ch00 NewsUS-based Oil-Field Giant Profiting Massively From Not Exiting Russia
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n a report citing company records and people familiar with the issues, Reuters details how SLB (formerly Schlumberger), the largest oil-field firm in the world, has enjoyed immense success in its Russia operations, as it has cherry-picked service and equipment contracts which had been dropped by Western competitors as they rushed to pull out of the nation following the possibility the West would impose Ukraine-related sanctions after the Russian military action in Ukraine.

In March, following the invasion of Ukraine in late February, SLB announced it had plans to immediately suspend new technology deployment and cease further investment in its Russian operations, due to “immense concern” of the company over the “escalating conflict in Ukraine.”

However even as it has endured criticism for continuing its operations in Russia, SLB has expanded its activities in the sanctioned nation and only seen its revenues increase as a result, over the past year.

Between July and October of 2022, the company’s reservoir performance division in Russia and Central Asia saw revenues grow by 25% compared to the previous quarter. That was a significantly increased rate of growth over the 12% and 11% growth seen in the Asian, Middle Eastern, and North African regions, according to company records viewed by Reuters.

 

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