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Tag: Schlumberger

  • FG targets fresh $20bn oil, gas deal

    FG targets fresh $20bn oil, gas deal

    Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), says the Federal Government is set to seal a deal worth 20 billion dollars to boost oil and gas production in Nigeria.

    Lokpobiri said this on Thursday in Abuja when a delegation of Schlumberger (SLB) Ltd. led by its global Chief Executive Officer, Mr Olivier Le Peuch, paid him a courtesy visit.

    Lokpobiri said no investment had taken place in Nigeria for some years, hence the downward trend in production.

    But he assured that the country was set to receive investments of over 20 billion dollars, with one company alone accounting for 10 billion dollars.

    He said one of the cardinal objectives of President Bola Tinubu was to unlock the potential in the oil and gas sector to harness the benefits of huge deposits.

    “We are talking to a lot of the big investors who have always invested big in the country.

    “And I am not going to tell you the details now, because it’s something I want to announce when the deal is finally consummated,” he said.

    Lokpobiri explained that the Federal Government was committed to creating an enabling environment for investors to tap into the business opportunities inherent in the country.

    He assured that the Tinubu administration was focusing on creating the best environment for investments to return for the benefit of Nigerians, and also for the benefit of those companies that have always invested in the country.

    “We’ll bring not only Schlumberger, where the pie is so big, the opportunities are so big, that not only Schlumberger can do it.

    “We want to use this opportunity to call on the other international service companies to also come back; there is a new sheriff in town that is determined to do things differently,” he said.

    He further said the partnership with Schlumberger was significant having made impact in Nigeria’s oil and gas industry in the last 71 years.

    He added that the company’s visit to Nigeria was a testament to the fact that confidence was coming back to unlock the potential in the oil and gas sector.

    “As a government, we want to continue with this 71-year marriage. If you are married to a woman for 71 years, you’ve taken all the good parts of her life. So, you can’t divorce her and allow her to die.

    “Our journey for the past 70 years, from 1958 when oil was found in commercial quantity in Oloibiri in the Niger Delta, SLB has played a very strategic role.

    “So, our own, you know, as government of Nigeria, is to ensure that we create the beast environments, not only competitive, but best environment that you can invest in.

    “I can assure you that all these things we discussed will be given the most serious attention. And we’ll do whatever we can to ensure that we create that environment.” he added.

    Earlier, Le Peuch, on his part expressed optimism working with Nigeria to boost oil and gas investment while unlocking the performance of the oil and gas industry in the country.

    Le Peuch further assured of his commitment to strengthen the relationship and partnership with Nigeria to pave way for greater success in Nigeria.

    “We are ready to work with you as partners, we are ready to contribute to the change that you are willing to put in place, to facilitate a newborn era for oil and gas investment into the country,” he said.

  • Halliburton, Schlumberger, Baker Hughes suspend business in Russia

    Halliburton, Schlumberger, Baker Hughes suspend business in Russia

    Barely 24 hours after Halliburton Co. and Schlumberger halted its activities in Russia, a major U.S. oil services company, Baker Hughes, has pulled back from the country in response to Moscow’s war against Ukraine.

     

    Disclosing this in a statement on Saturday, Baker Hughes, which also has headquarters in London, said the company is suspending new investments for its Russia operation and is complying with applicable laws and sanctions as it fulfills current contractual obligations.

     

    According to the statement, the announcement follows an internal decision made with its board and shared with its top leadership team.

     

    Chairman and CEO of Baker Hughes, Lorenzo Simonelli, said “the crisis in Ukraine is of grave concern, and we strongly support a diplomatic solution.”

     

    Recall that Halliburton announced on Friday that it suspended future business in Russia.

     

    Halliburton said it halted all shipments of specific sanctioned parts and products to Russia several weeks ago and that it will prioritize safety and reliability as it winds down its remaining operations in the country.

     

    Schlumberger said that it had suspended investment and technology deployment to its Russia operations.

     

    “Safety and security are at the core of who we are as a company, and we urge a cessation of the conflict and a restoration of safety and security in the region,” Schlumberger CEO, Olivier Le Peuch, said in a statement.

     

    As the war continues, and the deadly violence and humanitarian crisis worsen, companies that remain are under increasing pressure to leave.

     

    More than 400 U.S. and other multinational firms have pulled out of Russia, either permanently or temporarily, according to Jeffrey Sonnenfeld, senior associate dean for Executive Programs at Yale University’s School of Management, who has publicized a list of corporate actions in Russia.

     

    Oil companies ExxonMobil, Shell, and BP, along with some major tech companies like Dell and Facebook, were among the first to announce their withdrawal or suspension of operations. Many others, including McDonald’s, Starbucks and Estee Lauder, followed. Roughly 30 companies remain.