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KUALA LUMPUR, March 24 (Bernama) - Petroliam Nasional Bhd (Petronas) has signed a memorandum of understanding (MoU) with Schlumberger WTA (Malaysia) Sdn Bhd (Schlumberger) to jointly explore opportunities in the areas of susta inability,digital and Internet of Things (loT) technologies,as wellas research and development (R&D) projects.
In line with a myriad of oil companies that decided to suspend or completely abandon any operations in Russia following its invasion of Ukraine, three giant U.S. oilfield services players Halliburton, Schlumberger, and Baker Hughes announced that they would be doing the same.
Pune, India, Jan. 10, 2022 (GLOBE NEWSWIRE) -- The global hydraulic fracturing market size is projected to touch USD 28.93 billion by 2028, exhibiting a CAGR of 9.5% during the forecast period. The market stood at USD 11.74 billion in 2020 and is expected to reach USD 15.31 billion in 2021. The rising demand for oil, gas, and other petroleum products and the rising demand for advanced hydraulic equipment for exploration may propel market growth. Fortune Business Insights™ provides this information in its report, titled, “Hydraulic Fracturing Market, 2021-2028.”
I am assigning Schlumberger (NYSE:SLB) a positive risk/reward rating based on the early stage of a new growth cycle, an exceptional multi-year earnings growth trajectory, the company’s global leadership position, and an unusually asymmetric potential return profile. Risk/Reward Rating: Positive Schlumberger reported its second consecutive quarter of year-over-year revenue growth on October 22, 2021. The Q3 2021 financial report marked an inflection point in the 6-year bear market for the energy services sector and signaled the beginning of a new growth cycle. Given the early stage of the nascent energy services growth cycle, Schlumberger represents an intriguing cyclical growth opportunity as the global leader in the space.
Schlumberger announced an enterprise-scale deployment of advanced digital solutions for PETRONAS enabled by the DELFI cognitive E&P environment and integrated with the OSDU Data Platform. These digital solutions will enable PETRONAS to accelerate its field development planning and optimize production performance of its assets.
Schlumberger announced a collaboration with Amazon Web Services (AWS) to deploy domain centric digital solutions, enabled by the DELFI cognitive E&P environment, on the cloud with AWS. This collaboration will bring AWS customers to the DELFI Petrotechnical Suite, which provides access to AI-enhanced applications from Schlumberger and high-performance computing from AWS's secure, extensive, and reliable global infrastructure.
Egypt is in the process of launching the Egypt Upstream Gateway, a digital subsurface platform that will act as an up-to-date repository of the country’s subsurface data. This unique digital initiative will be used to unlock the potential of Egypt's petroleum sector and promote the country's exploration and production potential worldwide.
Schlumberger, IBM and Red Hat, signed a major collaboration pact to accelerate digital transformation across the oil and gas industry. The unique collaboration will enable Schlumberger’s use for IBM’s hybrid cloud technology Red Hat OpenShift platform. Using the container platform will enable the deployment of applications in the DELFI environment across any infrastructure, from traditional data centers to multiple clouds, including private and public.
Oilfield services giant, Schlumberger yesterday recorded a first-quarter loss attributed to $8.5 billion in charges, as customers ramped up spending cuts amidst falling oil prices. The firm reported a whopping $7.38 billion in first-quarter net loss, compared with a profit of $421 million a year earlier. The bigger chunk of the $8.5 billion charge to earnings came due to writing down assets in response to the declining oil business.
Wellbore Integrity Solutions (WIS) has concluded the acquisition of Schlumberger’s fishing & remedial division, DRILCO and Thomas Tools. WIS has acquired businesses and assets in 16 countries initially and expected to close acquired assets and businesses in 9 other regions in coming months, “Today marks the first day of bringing the WIS vision to a reality,” says David MacNeill, President and CEO, WIS.
Smith Bits, a Schlumberger company has introduced a new technology that will enhance the quality and efficiency of the bits. Aegis armor cladding of Smith Bits will improve bit's body design and erosion resistance. It will also increase rate of penetration and bit durability for longer runs. “Our new armor cladding technology combines innovative materials science with an electron-beam additive manufacturing process”, said Schlumberger's President of Bits & Drilling Tools.
World’s largest oilfield services firm, Schlumberger has entered into a strategic collaboration with IHS Markit, through its geophysical data solutions division WesternGeco. Through the collaboration, the firms intend to consolidate their data, technology and experience in exploration and production (E&P) and enable access to it through the GAIA digital subsurface platform. The GAIA platform was launched by WesternGeco and is powered by the DELFI cognitive E&P environment.
Oilfield services giant, Schlumberger has entered into a strategic collaboration with TGS on a new 3D seismic reimaging project. The project will see the reimaging of data from three overlapping seismic surveys across 3,600 sq km. Evidently, the seismic reimaging data is the only available 3D data in this area of the Red Sea. TGS and Schlumberger will deploy their proprietary geophysical services product line, WesternGeco on the project.
Olivier Le Peuch, the new CEO of Schlumberger, yesterday outlined his vision for the firm at the Barclays CEO Energy-Power Conference in New York. He vowed to withdraw from unprofitable businesses, rearrange some units and laid emphasis on returns. Peuch also cautioned towards a sizeable, non-cash charge to write down assets in this quarter. Analysts and investors are looking at Peuch to navigate Schlumberger through the new era of digitalization.
Schlumberger has been awarded a 20-year subsea equipment and services master contract by Chevron. This contract is for subsea development projects in the Gulf of Mexico. Innovative technologies will also be included in the OneSubsea custom catalog of equipment. “We look forward to continuing our technology collaboration with Chevron to optimize project efficiency and reduce cycle times in its future Gulf of Mexico subsea projects", said OneSubsea's President.
World’s largest oilfield services firm, Schlumberger yesterday released its second-quarter earnings, posting $8,269 million in total revenues. Schlumberger’s revenue remained almost the similar from the same quarter in the previous year. The oilfield service giant’s second quarter earnings climbed on the back of the contributions from drilling operations in the international markets.
The industry's major service provider, Schlumberger has introduced a revolutionary advancement at the 81st EAGE Conference & Exhibition. GAIA digital exploration platform is the recent development at the company which will allow exploration teams quick discovery and access to basin-scale data. Maurice Nessim said, “We developed the GAIA platform to accelerate our clients’ data discovery, screening and ranking of their exploration opportunities".
A strategic collaboration has been announced between oilfield service firm Schlumberger and survey service firm TGS. This is to assist multi-client ocean-bottom node projects in the deepwater Gulf of Mexico. Under the agreement, TGS will work with Schlumberger's geophysical services company WesternGeco. CEO of TGS informed that "We are working closely with our clients to plan future phases and are excited by the potential growth in exploration and production activity,”.