United States acknowledged that the restrictions imposed on exports to the Russian technology and equipment for the oil industry, in fact, do not interfere with Western companies work with Russian partners. Circumvention of the prohibition is possible by using subsidiaries registered outside the United States. The experts say that the real prohibition does not in the interests of States – it is fraught with them for reduction of the share in the promising market.
US restrictions on the activities of US oil service companies in Russia actually did not work. As reported on Tuesday, Bloomberg referring to the representative of the US Treasury, the largest supplier of oil and gas equipment can participate in the Russian Arctic projects through its foreign subsidiaries.
«Our sanctions against Russia do not apply to foreign subsidiaries of US companies, “- says a representative of the Ministry.
Last year, the US and the EU have imposed restrictions on the delivery of Russian technology and equipment for deep-water drilling, oil production in the Arctic shelf and non-traditional production (we are talking about the so-called shale oil, which is extracted using hydraulic fracturing technology). In addition, the US oil and gas companies have banned their participation in the Russian Arctic projects. In this regard, US ExxonMobil was forced to withdraw from a joint project with “Rosneft” in the Kara Sea.
However, the EU in late 2014 said that the sale, supply, transfer, export or provision of services can be carried out without prior permission, provided that the exporter after the implementation of the transaction, within five working days, notify the competent authorities of its validity.
Such leaders of the global oilfield services market, such as Schlumberger and Baker Hughes, writes Bloomberg, previously through their “daughters” have already applied for the execution of works in the Russian Arctic. For example, in 2014, Schlumberger participated in the tender for the supply of drilling fluids for Arctic projects “Gazprom oil”. In addition, Schlumberger and Baker Hughes applied for drilling in the Arctic.
Senior Partner of the law firm Pillsbury Winthrop Pittman LLP Christopher R. Wall told the news agency that Western companies run the risk of participating in tenders for the Russian project got under sanctions.
«Many foreign companies are now closely related to each other, and I’m not sure what I would advise at least one company to do so “- quoted by Bloomberg lawyer.
However, the oil service companies, it seems, is clearly going to take advantage of loopholes in the sanctions. In particular, Schlumberger in late January announced the acquisition of a stake in the Russian drilling company Eurasia Drilling. The transaction will be carried out at a price of $ 22 per share EDC, thus 45.65%, which is planning to acquire Schlumberger, would cost her $ 1.7 billion. The Russian experts of the oil market had already said that the deal is an attempt to circumvent the sanctions.
In November 2013 oilfield services company Weatherford International, whose headquarters is in Geneva, agreed to pay a fine of $ 100 million for violation of the sanctions regime (the company until 2009 was registered in the US and supplied equipment to Iran, Cuba , Sudan and Syria).
Volume oilfield services market in Russia in 2013 was estimated at approximately $ 28 billion (data Oil and Gas Journal Russia).
Leading expert of the Union of Russian Oil and Gas Tankan Rustam said that earlier Russian companies purchase more volumes of equipment and many technologies analogues in Russia. And some of them are designed and manufactured exclusively in the United States.
«For example, equipment for the same fracturing, by which we produce about 25% of the total volume of oil (not just oil shale), – says Tankan. – But previously purchased equipment wear, require maintenance, repair and replacement, and that those involved companies such as Schlumberger and Baker Hughes ».
« Previous States had a monopoly in this area, and it’s all arranged, so as technology and equipment have been made publicly available, “- said the expert. Now the leaders of oilfield willing to try to bypass sanctions to retain market share.
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