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Wednesday, October 27, 2021

Global oilfield contractor Schlumberger names Qatar as ‘top regional growth market’


Qatar and Saudi Arabia have emerged as top regional growth markets for global oilfield services contractor Schlumberger.

Robust activity growth in Saudi Arabia and Qatar helped to offset declines in revenue for global oilfield services contractor Schlumberger, the company said.

Qatar has emerged as a top regional market for Schlumberger, with growth helping to offset a decrease in revenue in some other markets across the Middle East and Asia.

The Texas-based company recorded a 5 percent sequential decrease in revenue – at $1.9 billion – in the Middle East and Asia, but these declines were “partially offset by robust activity growth in Saudi Arabia and Qatar.”

Lingering effects of the Covid-19 pandemic on the global oil market have caused the company to face a decline in net profits during the first quarter of the year.

However, Schlumberger CEO Olivier Le Peuch said a global oil demand should return to pre-pandemic levels by the end of next year, if not sooner.

“We are increasingly confident that our international revenue will see double-digit growth in the second half of 2021 as compared to the same period last year, which implies potential upside to the already robust growth that is anticipated in 2022 and beyond,” said Le Peuch.

Read also: QP to set out LNG expansion ‘within a year’: reports

Schlumberger recently entered a five-year contract for three simulation vessels in Qatar North Field, with an optional five-year extension.

Qatar’s $28.75bn North Field East Project (NFE) is considered the largest LNG project in the world, and is set to put Qatar on track as the world’s largest LNG producer by 2030.

The project is set to raise Qatar’s LNG production capacity from 77 million metric tons per year to 110 million metric tons per year by 2025. In addition to gas, the project will also produce ethane, sulphur, and helium.

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