U.S. oilfield services giant Schlumberger Ltd. (NYSE: SLB) has withdrawn its bid for a stake in Russia's Eurasia Drilling Co. (EDC), Russia's Federal Anti-monopoly Service (FAS) said Feb. 4.
Schlumberger, which has its own business in Russia, said last month it would withdraw its application to buy a stake in EDC if it didn't get regulatory approvals soon.
Schlumberger's office in Moscow had no immediate comment.
The U.S. company had planned to acquire up to 49% of EDC, Russia's largest oil services provider.
The withdrawal marks Schlumberger's second failed attempt to buy EDC. In 2015, the U.S. company agreed to purchase 45.65% of EDC for $1.7 billion, but the deal fell through after the FAS repeatedly postponed its approval.
Schlumberger made its latest bid last year.
The approval process has become more complicated in recent years due to a deterioration in relations between Russia and the West over Moscow's annexation of Crimea from Ukraine, as well as allegations of a nerve agent attack in Britain and meddling in the U.S. presidential election.
Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, Petroleum Minister Tarek El Molla said during a press conference.
The rapid pace of technology development in the oil and gas industry ensures that all players in it are in constant pursuit of the next innovation that will deliver the next barrel and the next dollar safely and efficiently.
Chevron in July kicked off the sale of its central North Sea oil and gas fields Alba, Alder, Captain, Elgin/Franklin, Erskine and Jade as well as the Britannia platform and its satellites.