Schlumberger NV (NYSE: SLB) said on Jan. 18 it would withdraw its application for the acquisition of a stake in Russia’s Eurasia Drilling Co. (EDC) if it is not successful in getting approvals soon.
Schlumberger said it would buy a stake in EDC, Russia’s largest oilfield services provider, back in 2017.
“Unfortunately, we have not yet been able to obtain the needed regulatory approval from the Russian authorities,” Schlumberger CEO Paal Kibsgaard said on a conference call with analysts on Jan. 18.
“We’re going to make one final attempt and approach over the coming weeks. And if we see no clear path to obtaining the needed approvals, we are likely going to withdraw our application.”
The proposed changes are described in a draft environmental impact statement for managing the National Petroleum Reserve in Alaska, a 23 million-acre (9.3 million-hectare) unit of federal land on the western side of Alaska’s North Slope.
Incoming Biden administration opposes drilling in ANWR and will likely attempt to reverse policy.
The Trump Administration will take key steps to finalize a sale of oil drilling leases in the sensitive Arctic National Wildlife Refuge (ANWR) in Alaska just before Democrat Joseph Biden becomes president.