USA: The world's largest oilfield company, SLB (formerly Schlumberger), has been able to expand its operations in Russia by winning select service and equipment contracts from Western competitors, who have opted out of the country in response to the prospect of related sanctions. had chosen Ukraine, according to Reuters, which cited company papers and people familiar with the situation.

Due to "overwhelming concern" over the "escalating conflict in Ukraine", the oil giant announced in March that it would immediately suspend new investments and technology deployments for its operations in Russia.

SLB has come under fire for its continued support of Russia, but over the past year, the business has increased its operations there and seen a significant increase in revenue.

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From July to December 2022, its Reservoir Performance division's revenue in Russia and Central Asia increased by 25% compared to the previous quarter. That surpassed the 12% and 11% growth of the Asian, Middle Eastern and North African regions, according to documents the agency looked at.

US-based SLB, which changed its name from Schlumberger last October, anticipates record-breaking fourth-quarter results for its Russian reservoir performance division, according to a separate presentation seen by Reuters.

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Sanctions against Russia's energy sector are not aimed at completely halting oil production by one of the world's largest producers, so the company is not breaking any laws imposed by the US, EU or any of their allies.

At the end of 2022, SLB will hire about 70 people in Russia, including employees for its major clients including Gazprom and Rosneft, the agency reported, citing two sources with knowledge of the situation.

The multinational remains a significant foreign employer in Russia, employing 10,000 people there, or about 10% of its total workforce, as well as in neighboring Kazakhstan.

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According to regulatory filings, Russia will contribute 6% or $1.21 billion to the company's total revenue in the first nine months of 2022. This summer, SLB is expected to increase business operations there.

Although Weatherford, a smaller US competitor, has chosen to continue doing business in Russia, it is believed that Weatherford's participation is being reduced as a result of the termination of some contracts that SLB has been able to take.