Schlumberger will "reduce activity" Venezuela.
Bloomberg is reporting:
Schlumberger Ltd. will reduce activity in Venezuela after the world’s
largest oil services provider failed to collect enough payments from
the national oil company.
The reduction will take place this month
in close coordination with all customers in Venezuela to continue
servicing those with available cash flow, the Houston- and Paris-based
contractor said in a statement Tuesday.
Venezuela, which holds the
biggest oil reserves of any country, has been battered by the collapse
of prices as most of the government’s revenue comes from petrodollars.
In
October, Schlumberger was said to be shifting some of its workers from
Brazil to Venezuela, reinforcing the contractor’s commitment at the time
as others in the industry pulled back. By late January, Schlumberger
said it had entered into a deal with Petroleos de Venezuela SA during
the fourth quarter to receive certain fixed assets in lieu of payment of
about $200 million of accounts receivable.
The "Venezuela story" is tracked here.
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