Texas oil company increases its operations in Russia, says FT
American oilfield servicing giant SLB is allegedly broadening its operations in Russia following the exit of its competitors from the market. Read Full Article at RT.com
TroibNews 
SLB, the American oilfield servicing giant formerly known as Schlumberger, is reportedly expanding its operations in Russia despite major competitors having exited the market following the onset of the Ukraine conflict in 2022, as highlighted by the Financial Times, which referenced customs filings and job listings.
Oil servicing firms are responsible for manufacturing, repairing, and maintaining equipment essential for the extraction and transportation of crude oil.
According to the FT, SLB has continued to supply equipment to Russia, register new trademarks, sign contracts, and recruit personnel. While Russian oil exports face sanctions related to the Ukraine situation, the United States and European Union have not implemented broad restrictions on oilfield services in Russia, fearing that such actions could impact global fossil fuel supplies and elevate oil prices.
From August to December 2023, SLB imported $17.5 million worth of equipment into Russia, as per Russian customs data referenced by the FT. These imports occurred despite a commitment from the company in July of the same year to cease shipments of products and technology to the country.
The supplies reportedly came from countries including China and India, with the cargo consisting of items such as cabling and chemicals—categories which may be subject to EU export controls.
Additionally, SLB has listed over 1,000 job openings since December, covering a range of roles from drivers to chemists and geologists. In 2023, SLB’s operations in Russia accounted for 5% of its total revenues of $33.1 billion, the outlet noted.
The company’s profits in Russia reportedly surged four-fold in 2023 compared to the previous year, according to an analysis of SLB’s financial results by the business daily Vedomosti in April.
In contrast, SLB’s main competitors, like Halliburton and Baker Hughes—both based in Texas and Houston, respectively—suspended their operations in Russia in 2022, joining a broader withdrawal of Western companies from the region. At that time, SLB announced it had ceased new investments and technology deployment but would continue existing operations in accordance with international laws and sanctions.
SLB CEO Olivier Le Peche informed the FT in March that the company does not currently plan to exit the country despite pressure from Western nations.
Following the US and EU embargoes on Russian oil, Moscow turned to Asian and African markets for its fuel exports, with China and India emerging as its leading customers.
Anna Muller contributed to this report for TROIB News
Oil servicing firms are responsible for manufacturing, repairing, and maintaining equipment essential for the extraction and transportation of crude oil.
According to the FT, SLB has continued to supply equipment to Russia, register new trademarks, sign contracts, and recruit personnel. While Russian oil exports face sanctions related to the Ukraine situation, the United States and European Union have not implemented broad restrictions on oilfield services in Russia, fearing that such actions could impact global fossil fuel supplies and elevate oil prices.
From August to December 2023, SLB imported $17.5 million worth of equipment into Russia, as per Russian customs data referenced by the FT. These imports occurred despite a commitment from the company in July of the same year to cease shipments of products and technology to the country.
The supplies reportedly came from countries including China and India, with the cargo consisting of items such as cabling and chemicals—categories which may be subject to EU export controls.
Additionally, SLB has listed over 1,000 job openings since December, covering a range of roles from drivers to chemists and geologists. In 2023, SLB’s operations in Russia accounted for 5% of its total revenues of $33.1 billion, the outlet noted.
The company’s profits in Russia reportedly surged four-fold in 2023 compared to the previous year, according to an analysis of SLB’s financial results by the business daily Vedomosti in April.
In contrast, SLB’s main competitors, like Halliburton and Baker Hughes—both based in Texas and Houston, respectively—suspended their operations in Russia in 2022, joining a broader withdrawal of Western companies from the region. At that time, SLB announced it had ceased new investments and technology deployment but would continue existing operations in accordance with international laws and sanctions.
SLB CEO Olivier Le Peche informed the FT in March that the company does not currently plan to exit the country despite pressure from Western nations.
Following the US and EU embargoes on Russian oil, Moscow turned to Asian and African markets for its fuel exports, with China and India emerging as its leading customers.
Anna Muller contributed to this report for TROIB News
