PETROLEAGUE IS A TEAM OF OIL FIELD PROFESSIONALS WITH GLOBAL EXPERIENCE COLLABORATED TOGETHER TO BUILD A CAREER PORTAL SPECIFICALLY TO HELP OIL FIELD WORKERS WHO ARE INTERESTED IN JOINING OIL INDUSTRY BY PUTTING THEIR CAREERS DEVELOPMENT ON FAST TRACK BY PROVIDING AN INTEGRATED PLATFORM FOR ALL THEIR NEEDS.

Upload Resume

Schlumberger’s Second Bid for Largest Drilling Company of Russia

2017-07-29 | 10pm

Recently, a major announcement has been made by the US oilfield services giant Schlumberger. For a stake in Russia’s largest drilling company, Eurasia Drilling Co. (EDC), Schlumberger  has launched a second bid. On 20th July, announcement of striking a deal to purchase 51% equity share in this privately owned firm has been made. Schlumberger further stated that this transaction is subject to approval by the Federal Anti-Monopoly Service (FAS), the  regulatory watchdog of Russia. Alexander Dzhaparidze, CEO of EDC stated, “I warmly welcome Schlumberger as our majority shareholder,” He further added, “It builds on our strategic alliance with Schlumberger since 2011.” In the year 2016, EDC owns more than 650 rigs with 16% share of the Russian drilling market. This is for the second time that the Russian firm has been approached by the Schlumberger with an investment offer. Earlier, the US company made an announcement regarding the purchase of 45.65% share in EDC for US$1.7 billion. Unfortunately, the deal didn’t meet as approval was delayed by FAS due to concerns related to operations of EDC. Incase, US sanctions were sharpened then operations of EDC could be impeded. The spokesman for Russian President Vladimir Putin, Dmitry Peskov, stated that current deal need to be approved by FAS as well as government commission on foreign investment control. However, the Kremlin’s position on the agreement is unclear. During a conference call, Peskov stated, “If we talk about a global trend, Russia was, is and will be interested in foreign investment and in co-operation with foreign investors in all possible sectors, excluding the areas which are most sensitive.” He further added, “But even in these areas co-operation is still possible, and a relevant decision is to be taken in each separate case by the government's commission on foreign investment.” The main customer of EDC is LUKOIL which is an independent oil producer. Vagit Alekperov, president and largest shareholder of this company, stated he held a 3% stake in EDC in early 2015. As stated by Russian business paper Kommersant, talks with the government regarding the recent bidding of Schlumberger’s have been on hold by Alekperov. .