Schlumberger makes progress in Venezuela

NEW YORK (AP) -- Schlumberger Ltd., the world's biggest oilfield service company, said it is working out a new payment agreement with PDVSA, Venezuela's state-owned oil and gas company.

In March Schlumberger CEO Paal Kibsgaard said the company was temporarily reducing activity in Venezuela due to problems collecting money from PDVSA. Kibsgaard made the remarks at a speech at the Howard Well Conference in New Orleans, a transcription of which was filed with the Securities and Exchange Commission on March 18.

On Sunday, Kibsgaard said in a statement that after meeting with the PDVSA its ability to collect payment has improved and it will recognize all revenue from its first quarter.

He also said he expects the company will be able to finalize a new payment agreement with PDVSA and will continue work in Venezuela.

Schlumberger Ltd. has offices in Paris, Houston and The Hague. It has 118,000 employees in 85 countries.