Offshore oil spending to rise more than 20pc this year: SLB

Offshore oil and gas exploration spending will increase more than 20 per cent globally this year and the growth will continue into the next, oilfield services firm SLB said.
«Offshore is experiencing a renaissance, with significant breadth and anticipated durability,» SLB Chief Executive Olivier Le Peuch said at the JP Morgan Energy Power and Renewable Conference, according to a draft of the speech posted on the company’s website.
SLB, the world’s largest oil services and equipment provider, said it expects to see a long tail of activity with 65 lease rounds concluding globally this year, in addition to several countries awarding leases through open-door policies.
«This year, we anticipate offshore exploration spend to increase more than 20 per cent,» Le Peuch said.
Between 2022 and 2025, the former Schlumberger expects more than $500 million in investment decisions, a 90 per cent increase over the 2016-2019 period.
The growth will be driven by large development projects in Guyana, Brazil and the Middle East, production capacity expansions in Africa and a return of exploration and appraisal in newer offshore provinces of Namibia, Tanzania, Colombia, India and the East Mediterranean.
The company, which gets 50 per cent of its international revenue from offshore, said the resurgence of offshore will help its well construction, reservoir performance and production systems.
International business accounted for about 76 per cent of SLB’s revenue at about $6 billion in the first quarter.
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