Largest oilfield services company in the world intends to maintain presence in Russia, reports Financial Times.

Schlumberger, a major player in the oilfield services industry, has made it clear that they have no immediate intentions of pulling out of Russia, despite calls to do so following the invasion of Ukraine. The CEO, Olivier Le Peuch, emphasized in an interview with the Financial Times that the company is still actively operating in Russia and honoring its contracts with customers, despite pressure from the West to sever ties with the country. Unlike its competitors Baker Hughes and Halliburton, Schlumberger has not yet decided to divest its Russia operations.

Schlumberger, formerly known as the largest oilfield services company in the world, has had a significant presence in Russia since the breakup of the Soviet Union. The company contributes approximately 5% of its revenues from its operations in Russia and employs around 9,000 staff in the country. Even though Schlumberger has halted new investments and technology deployments in Russia in 2022 and stopped product shipments into the country in 2023 due to increasing sanctions, it has chosen to maintain its operations there.

Lela Stanley, a senior investigator at Global Witness, underscored the importance of foreign oilfield services firms in Russia's oil industry, noting that the sector relies heavily on their expertise and technology. While Western governments have been cautious about imposing stricter sanctions on Russia's oil and gas sector, there are concerns about the potential impact on global commodity prices. However, some experts believe that these concerns may be overblown and that tougher sanctions could be necessary.

In the face of mounting pressure and geopolitical tensions, Schlumberger remains committed to its operations in Russia, emphasizing the importance of abiding by its contractual obligations and protecting its assets in the country. The company's decision to continue operating in Russia reflects its long-term strategic interests and its commitment to serving its customers in the region. Despite the ongoing conflict and uncertainty surrounding Russia, Schlumberger's team in the country continues to operate independently and focus on maintaining the company's operations.

The company's resilience and adaptability in the face of challenges demonstrate its commitment to navigating complex geopolitical environments and continuing to deliver value to its customers around the world. As the situation in Russia continues to evolve, Schlumberger will undoubtedly continue to monitor developments closely and adjust its strategy as needed to ensure the safety and success of its operations in the country. With its strong presence and expertise in Russia, Schlumberger remains a key player in the oilfield services industry and a significant contributor to the global energy landscape.