Total questions oilfield services merger
NEW ORLEANS, March 23, 2016 – Total CEO Patrick Pouyanné has said the oilfield services sector would benefit from increased competition, giving veiled criticism of the proposed tie-up of services majors Halliburton and Baker Hughes.
Speaking at a conference in New Orleans on Tuesday, Pouyanné said that anyone in his position would be opposed to a situation where “you have less completion in services providers.”
First announced in November 2014, the Halliburton takeover of Baker Hughes has consistently faced antitrust concerns. On Monday, EU antitrust regulators halted their work a second time on account of missing information. Chevron Brazil and Angola’s Sonangol have at different times also voiced their opposition to the tie-up, sharing Pouyanné’s apprehensions.