Russian state oilfield services company proposed

Igor Sechin, the Russian deputy Prime Minister, raised the idea of the creation of a state owned oilfield services company, in a recent letter to Prime Minister Vladimir Putin.

Sechin’s idea is to consolidate the numerous oilfield services assets of the various state owned energy companies that operate in Russia. The deputy Prime Minister has also reportedly ordered members of the energy ministry and state energy companies to begin preparation of the necessary paperwork.

The main players in the Russian oilfield services industry at present are foreign private companies such as Schlumberger. The proposed state oilfield services industry would see assets controlled by state owned companies, such as Gazprom and Zarubezhneft, placed under its own management.

According to reports, if such a scheme was to be approved, it could be fully implemented before 2016.

Published on 10/02/2012

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