The Oilfield Services Subsidiary of Public Joint Stock Company LUKOIL Has Increased Its Turnover
The oilfield services enterprise SpetsPromService, in which Public Joint Stock Company LUKOIL holds a 49.5 percent stake, increased its revenue six hundredfold in the year 2024, reaching 20.4 billion Russian rubles, according to a report by Kommersant.
The publication notes that the revenue figures of SpetsPromService are now comparable to those of major players in the Russian oilfield services market. In particular, the Russian divisions of Weatherford International and Schlumberger Limited (SLB) posted revenues of 25.7 billion Russian rubles and 26.8 billion Russian rubles, respectively, in the Russian Federation for the same year.
SpetsPromService was established at the end of 2023 and operates in the Khanty-Mansi Autonomous Okrug. Public Joint Stock Company LUKOIL holds a 49.5 percent ownership stake, while the remaining interest belongs to the Closed-End Mutual Investment Fund “Triumfator”. The company specializes in drilling and well development operations for LUKOIL – Western Siberia.
According to Neftegaz i Kapital, in recent years Russian oil producers have increasingly returned to the practice of creating and maintaining their own oilfield services enterprises, as this approach makes it easier to control investments and coordinate operational activities under current geopolitical and economic conditions. In the past, these services in the oil and gas sector of the Russian Federation were primarily provided by foreign specialized companies.
