Sunday, June 15, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

SLB to up offshore spending by 20% this year

Simon Osuji by Simon Osuji
June 22, 2023
in Business
0
SLB to up offshore spending by 20% this year
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

SLB’s (NYSE: SLB) chief executive has told the JP Morgan Energy Power and Renewable Conference that his firm will increase offshore spending by 20% in 2023.

The oilfield services firm formerly known as Schlumberger predicts that through the 65 leasing rounds set to take place globally this year, in addition to “open door policies” in some countries, it will increase its spending in offshore oil and gas exploration by a fifth.

SLB boss Olivier Le Peuch told the conference: “The breadth of the offshore resurgence is clear, and the combination of a significant pipeline of FID [final investment decision] and surge in exploration through licensing rounds will result in durability.”

Slb CEO Olivier Le Peuch

the boss of the New York-listed firm says that he sees opportunities in three key regions.

The first of these is tie back and infill work in “mature basins”, the chief executive pointed to examples of the firm’s work in Africa last year to back this up.

SLB also expects to see growth from Guyana, Brazil and the Middle East in both oil and gas.

The final opportunity to boost spending, as outlined by Le Peuch, was a return to exploration and appraisal in “new frontier offshore provinces,” namely Namibia, Tanzania, Colombia, India and the East Mediterranean.

Slb strong start 2023 © Shutterstock / Novikov Aleksey
SLB stock ticker on the screen.

The energy services giant can already boast a strong start to the year after posting profits of pre-tax income of $1.2 billion in the first quarter of 2023.

Revenues from the Houston-headquartered company jumped by 30% compared to the year previous as it reported $7.7bn in the first three months of the year.

Mr Le Peuch explained that his firm’s offshore operations represent “five times the revenue intensity of onshore.”

The chief executive of SLB added: “We also expect further growth led by higher activity for well construction; accelerated opportunities in reservoir performance through the return of exploration and appraisal; growth potential for production systems in subsea; and digital will enhance it all.”

slb results © Supplied by SLB
SLB opened its performance centre in Aberdeen in November.

Concluding Le Peuch said that “We are in the midst of a distinct cycle with qualities that enhance the long-term outlook for our – breadth, resilience and durability – all reinforced by a pivot to international, offshore gas, and the return of exploration and appraisal.”

Schlumberger announced plans to rebrand to SLB in October in a bid to underline its transformation from an oilfield services group to a global technology company.

Recommended for you

Slb strong start 2023

Slb makes ‘strong’ start to 2023 as Q1 profits top $1bn

Source link

Related posts

African countries’ response to the escalating Iran-Israel conflict

African countries’ response to the escalating Iran-Israel conflict

June 15, 2025
Egypt stands as the African country suffering the most from Iran’s and Israel’s missile strikes

Egypt stands as the African country suffering the most from Iran’s and Israel’s missile strikes

June 15, 2025
Previous Post

Afua Hirsch Launches Africa Rising on BBC,

Next Post

Can any HBCU pull off an FBS upset in 2023? One SWAC team is ‘not a pushover,’ ranking says

Next Post
Can any HBCU pull off an FBS upset in 2023? One SWAC team is ‘not a pushover,’ ranking says

Can any HBCU pull off an FBS upset in 2023? One SWAC team is ‘not a pushover,’ ranking says

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

‘What a mess for me and many others’: DOD’s murky hiring freeze has civilians in limbo

‘What a mess for me and many others’: DOD’s murky hiring freeze has civilians in limbo

2 months ago
Google’s Gemini chatbot gets upgraded image creation tools

Google’s Gemini chatbot gets upgraded image creation tools

2 months ago
Kenya Gets A Second Angel Fair Africa?

Kenya Gets A Second Angel Fair Africa?

9 months ago
Rate cliff awaits global economy after higher-for-longer plateau

Rate cliff awaits global economy after higher-for-longer plateau

2 years ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Matthew Slater, son of Jackson State great, happy to see HBCUs back at the forefront

    0 shares
    Share 0 Tweet 0
  • Dolly Varden Focuses on Adding Ounces the Remainder of 2023

    0 shares
    Share 0 Tweet 0
  • US Dollar Might Fall To 96-97 Range in March 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.