U.S. oilfield companies Halliburton, Schlumberger draw back from Russia – National | Globalnews.ca

admin

imageU.S.oilfield services companies Halliburton Co HAL.N and Schlumberger said on Friday they have suspended or halted Russia operations in response to U.S.sanctions over Moscow’s invasion of Ukraine.

The disclosures followed widespread departures by energy, retail and consumer goods businesses and a series of European Union and U.S.bans on providing oil technology to Russia or importing its energy products.

Halliburton said it immediately suspended future business and would wind down its operations in Russia after earlier ending shipments of sanctioned parts and products to the country.

Read more: Canada can increase oil exports to U.S., but won’t be enough to fill Russia gap: experts

Schlumberger has ceased new investment and technology deployment while continuing with existing activity in compliance with international laws and sanctions, the company said in a statement late on Friday.

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

Trending Stories Grand piano-sized asteroid spotted just 2 hours before hitting Earth Some Canadians struggle to enter housing market as costs rise: ‘Nothing we can do’ Oilfield services provider Baker Hughes declined to comment on its Russia operations.​

1:46 Could higher oil prices lead to higher costs for air travel? Could higher oil prices lead to higher costs for air travel? Energy companies BP PLC BP.L, Shell RDSa.L, Equinor ASA EQNR.OLand Exxon Mobil have suspended business or announced plans to exit their Russia operations.

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

Its energy operations rely largely on home-grown service providers.

-Reporting by Chavi Mehta in Bengaluru, additional reporting by Gary McWilliams and Liz Hampton; Editing by Arun Koyyur.

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Mike Tyson is selling ear-shaped cannabis-infused edibles called 'Mike Bites'

Sports Mike Tyson is selling ear-shaped cannabis-infused edibles called ‘Mike Bites’ This June 28, 1997, file photo shows Mike Tyson biting into the ear of Evander Holyfield in the third round of their WBA heavyweight match in Las Vegas.(AP Photo / Jack Smith, File) More than two decades after Mike […]
Mike Tyson is selling ear-shaped cannabis-infused edibles called ‘Mike Bites’

Subscribe US Now