HomeEconomyHalliburton and Schlumberger back away from Russia amid US energy sanctions

Halliburton and Schlumberger back away from Russia amid US energy sanctions

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Halliburton’s booth at the World Petroleum Congress, in Houston, Texas, US, December 6, 2021. REUTERS/Sabrina Valley

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March 18 (Reuters) – American oilfield services company Halliburton (HAL.N)Schlumberger said on Friday they had suspended or suspended Russian operations in response to US sanctions over Moscow’s invasion of Ukraine.

The disclosure followed widespread exits by energy, retail and consumer goods companies and a series of EU and US bans on providing oil technology to Russia or importing its energy products.

Halliburton said it has immediately suspended its future business and will end operations in Russia after it earlier ended shipments of sanctioned parts and products to the country.

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Schlumberger has halted the deployment of new investments and technology while continuing its current business, in compliance with international laws and sanctions, Schlumberger said in a statement late Friday.

“We urge a cessation of conflict and the restoration of security and safety in the region,” said Olivier Le Buch, CEO of Schlumberger.

Oilfield services provider Baker Hughes declined to comment on its operations in Russia.

Energy companies BP PLC, Shell and Equinor ASA (EQNR.OL)and Exxon Mobil have either closed their operations or announced plans to exit their Russia operations.

Russia, which describes its invasion of Ukraine as a “special military operation”, is among the world’s largest oil and gas producers and exports between 7 and 8 million barrels per day of crude oil and petroleum products.

Its energy operations are largely dependent on local service providers.

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Additional reporting by Shafi Mehta in Bengaluru, Gary McWilliams and Liz Hampton. Editing by Aaron Coeur

Our criteria: Thomson Reuters Trust Principles.

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