Schlumberger Forges Strategic Alliance with Gazprombank, Deepening Russian Footprint

In a significant move that underscores its long-term commitment to the Russian energy sector, U.S. oilfield services giant Schlumberger has formalized a strategic partnership with Gazprombank, one of Russia's largest financial institutions. The two entities recently signed a memorandum of understanding (MOU) aimed at exploring a wide array of joint financing and investment opportunities within Russia's dynamic oil and gas landscape, with potential ventures extending into the broader Commonwealth of Independent States (CIS) region.

This collaboration is poised to accelerate the development and deployment of high-tech oilfield services crucial for unlocking Russia's most challenging energy reserves.

The focus areas include the complex Arctic offshore projects, which demand cutting-edge technology for exploration and production, as well as the burgeoning unconventional oil and gas fields that are increasingly vital for the nation's energy future. By combining Schlumberger's unparalleled technological expertise with Gazprombank's robust financial capabilities and deep understanding of the Russian market, the partnership seeks to drive innovation and efficiency in these demanding environments.

Schlumberger's presence in Russia dates back decades, with formal operations firmly established since the 1990s.

This enduring commitment highlights the strategic importance of Russia as a key market for the global oilfield services industry. Despite the complex geopolitical landscape and various international sanctions, Schlumberger has consistently navigated these challenges by focusing on services that do not fall under restrictive measures, thereby ensuring continuous support for its Russian clients.

The current agreement with Gazprombank is a testament to Schlumberger's adaptable and forward-thinking strategy.

It reinforces the company's position as a leading provider of advanced solutions in a country that continues to be a global energy powerhouse. As Russia increasingly turns to more technically demanding fields to sustain its production levels, the need for sophisticated drilling, completion, and reservoir management technologies becomes paramount.

This partnership is expected to play a pivotal role in meeting those evolving needs, promising a new era of technological advancement and operational excellence in Russian oil and gas exploration and production.