Schlumberger

Schlumberger is a supplier of technology, project management, and information solutions for oilfields. The company operates in around 80 countries with products and services ranging from seismic acquisition and processing to formation evaluation, well testing and directional drilling, well cementing and stimulation, artificial lift, well completions and consulting, and software and information management.

Houston, TX-based Schlumberger Limited is a leading oilfield services company, providing services to the oil and gas explorers, and producers across the world. Through oilfield services contracts, Schlumberger helps the upstream energy players to locate oil and gas, and to drill and evaluate hydrocarbon wells. The company, founded in 1926, also supports the explorers to construct oil and gas wells and produce optimum volumes of the commodities from the existing wells.

Since the beginning of 2020, the coronavirus pandemic has been affecting the broader energy market. Upstream energy companies have lowered capital spending to sail through the pandemic induced lower oil pricing scenario. This, turn has slashed demand for oilfield services since the oilfield service players assists upstream firms to efficiently drill oil wells. Recently, Schlumberger announced that there has been an increase in optimism for fuel demand recovery in 2021, thanks to the rise in oil price owing to the rolling out of coronavirus vaccines and economic stimulus measures. Schlumberger added that it will take no later than 2023 for crude demand to rebound back to the pre-pandemic levels of 2019. This in turn will boost oilfield services and activities in North America and international markets.

Since the beginning of 2020, the coronavirus pandemic has been affecting the broader energy market. Upstream energy companies have lowered capital spending to sail through the pandemic induced lower oil pricing scenario. This, turn has slashed demand for oilfield services since the oilfield service players assists upstream firms to efficiently drill oil wells. Recently, Schlumberger announced that there has been an increase in optimism for fuel demand recovery in 2021, thanks to the rise in oil price owing to the rolling out of coronavirus vaccines and economic stimulus measures. Schlumberger added that it will take no later than 2023 for crude demand to rebound back to the pre-pandemic levels of 2019. This in turn will boost oilfield services and activities in North America and international markets.