More oilfield sanctions required

The three biggest international oilfield services firms remain in Russia, not following nearly all Western oil majors that have said in recent weeks they would quit their Russian joint ventures and projects and would quit trading Russian oil.

While BP, Shell, and ExxonMobil raced to announce they are withdrawing from all their operations and stakes in companies and joint ventures in Russia following Putin’s invasion of Ukraine, Schlumberger, Halliburton, and Baker Hughes have not announced such moves, the Financial Times reports.

The three oilfield services firms, the world’s largest, did not respond to FT’s requests for comment on their Russian business.

Schlumberger, Halliburton, and Baker Hughes are partners with the biggest Russian oil and gas firms, including state-controlled Rosneft and Gazprom Neft.

The current sanctions against Russia ban new investments of U.S. and EU companies in Russia’s energy, but they do not restrict the existing operations, according to FT.…