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Collapse of Schlumberger-Eurasia Drilling deal not to impact drilling in Russia

October 01, 2015, 15:20 UTC+3 MOSCOW
The collapse of this particular deal is unlikely to impact exploitation drilling, Russia's Minister of Natural Resources and Environment says, adding that oil prices are more likely to impact drilling
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© AP Photo/Pat Sullivan

MOSCOW, October 1. /TASS/. The collapse of the deal implying Schlumberger’s purchase of Eurasia Drilling (EDC) will not impact exploitation drilling in Russia, Minister of Natural Resources and Environment Sergey Donskoy said on Thursday.

"The collapse of this particular deal is unlikely to impact exploitation drilling," Donskoy said, adding that oil prices are more likely to impact drilling. "This is more important, as for Schlumberger-Eurasia Drilling merger it is unlikely to influence in the short-term," the Minister said.

He added that fundamental factors related to investment and volume of works, are more important for the sector. "As for this particular deal it is more likely to impact financial opportunities of Dzhaparidze though in general as colleagues told me what has been planned /by Eurasia Drilling/ will be implemented," Donskoy said.

As TASS reported earlier on Wednesday Schlumberger said it refused its previous plans to buy a 46% stake in EDC. Schlumberger said it confirmed the period to close the deal will not be prolonged and the deal to buy shares in the Eurasia Drilling will not take place. Both companies will continue working together under the five-year agreement executed in April 2011, Schlumberger said.

Schlumberger announced it would acquire Eurasia Drilling on January 20. However, it was not possible to close the deal worth around $1.7 bln without the approval of the Federal Antimonopoly Service and the foreign investments commission, which have not yet sanctioned it until now. Schlumberger was to acquire 45.65% in the Russian drilling company at a price of $22 a share through its subsidiaries after the EDC delisting.

Currently, the largest co-owners of Eurasia Drilling are Alexander Dzhaparidze with a 30.2% stake /he is also the general director/ and Alexander Putilov with 22.4%.

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