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 (NYSE: SLB) has withdrawn its bid for a stake in Russia's Eurasia Drilling Co. (EDC), Russia's Federal Anti-monopoly Service (FAS) said Feb. 4.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.
Recommended Reading
Hirs: Energy’s Best Strategy for the Presidential Election? Support Both Sides
2024-01-12 - The upcoming presidential election sees energy concerns on the “second page” of the ballot, making choosing a side a necessity.
Belcher: Energy Policy Outlook for 2024
2024-01-11 - Expect energy policy to be a dominant theme in the 2024 elections.
California Reaming: Laws Spark Rancor, $6B in Chevron, Exxon Write Offs
2024-01-08 - Chevron and Exxon are set to write off billions of dollars worth of California assets because of strict laws and regulations that the companies say won’t change oil consumption but will shift profits to foreign producers such as Saudi Arabia.
Pitts: Is Vaca Muerta Argentina’s Permian?
2024-01-07 - Can Argentina’s Vaca Muerta Shale play truly garner the title of the Permian 2.0, which is a play that replicates the Permian Basin’s success? Yes, in terms of geology and game-changing potential, but no in terms of eventual production volumes.
CEO: Linde Not Affected by Latest US Green Subsidies Package Updates
2024-02-07 - Linde CEO Sanjiv Lamba on Feb. 6 said recent updates to U.S. Inflation Reduction Act subsidies for clean energy projects will not affect the company's current projects in the United States.