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Oil & Gas Technical Compendium

Schlumberger places $2 billion bet on strong oilfield service demand growth

Schlumberger is gearing up for growth around the world as the No. 1 oilfield contractor expects recovering economies to ignite several years of crude-demand expansion.The company, based in Houston and Paris, will boost spending as much as 18% to $2 billion, serving North American oil explorers who should dominate activity in the first half of the year, followed by international growth in the final six months.“Oil demand is expected to exceed pre-pandemic levels before the end of the year and to further strengthen in 2023,” Chief Executive Officer Olivier Le Peuch said in a statement Friday. “Resurgent global demand-led capital spending will result in an exceptional multiyear growth cycle.”Schlumberger is an industry bellwether because of it.....

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