22 Sep 2010 19:04

Schlumberger to invest $40 mln to organize production in Astrakhan region

ASTRAKHAN. Sept 22 (Interfax) - Oilfield services giant Schlumberger will invest over $40 million to create a production facility in Astrakhan region's Narimanovsky district.

Schlumberger signed the relevant agreement with Astrakhan region Governor Alexander Zhilkin at the international investment forum Sochi-2010, the governor's press office reported.

"The production base will be used to service drilling equipment and technology used to explore fields in southern Russia and countries in the Caspian region," he said.

The site for the facility is currently being prepared as planning moves ahead.

Schlumberger is the biggest oilfield services company in the world. Revenue in 2009 totaled $22.7 billion, 50% more than its nearest competitor, Halliburton.