Sector News

Schlumberger to reduce Venezuela operations

April 14, 2016
News

Schlumberger Limited announced today that it will reduce its activity in Venezuela to align operations with cash collections. This measure is a result of insufficient payments received in recent quarters and a lack of progress in establishing new mechanisms that address past and future accounts receivable.

Schlumberger appreciates the efforts of its main customer in the country to find alternative payment solutions and remains fully committed to supporting the Venezuelan exploration and production industry. However, Schlumberger is unable to increase its accounts receivable balances beyond their current level.

The reduction in activity levels will take place over the current month and will be made in close coordination with all customers in Venezuela to continue servicing those customers with available cash flow, while allowing for a safe and orderly wind down of operations for others.

Additionally, Schlumberger reaffirms its first-quarter revenue guidance of approximately $6.5 billion.

Source: Oil Voice

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