The World’s Biggest Oilfield Contractors Are Quitting Future Russia Work
- Baker Hughes, Schlumberger are latest to announce changes
- Halliburton only one of peers to wind down current Russia work
A worker guides drilling pipes at a gas drilling rig in the Lensk district of the Sakha Republic, Russia.
Source: Bloomberg
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The world’s three biggest oilfield service providers are halting future work in Russia in response to President Vladimir Putin’s invasion of Ukraine, announcing their decisions separately and within 24 hours of each other.
Baker Hughes Co. on Saturday said it’s suspending new investments in Russia operations but continuing with existing work there, according to a statement. That followed a similar statement by Schlumberger late Friday, when the world’s biggest oilfield contractor immediately cut any new investment in one of the biggest oil-producing nations while leaving existing work there in tact.