Offshore Drilling: Schlumberger Limited Sees Better Days Ahead

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As this article pints out, the down turn has caused the offshore drillers to really take a close look  at how there going about their business. So, now they will have to focus on ways to work more efficiently and cooperatively with the industry in order to make a profit.

Here’s an excerpt:

…the oil that’s waiting to be discovered and produced offshore will still be needed by the industry at some point. As such, the industry will need to find a way to develop it much more economically than it has been doing in the past. This is where Schlumberger believes it can be of greater service. On its most recent conference call, CEO Paal Kibsgaard discussed the need for the industry to work together to make these projects more economical. He said that,

Now, going forward, in terms of sanctioning new projects, I think it’s going to be very important for the industry — the service industry together with our customers — to be able to come up with technical solutions and field development plans that significantly reduces cost per barrel. And if we can do that, which is the overall objective for the industry, I think we can make many of the pending deepwater projects also economically viable in the future.

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About Scott

Live next to Chevron refinery. Lots of petroleum consultants in the area. I am interested in learning more about the industry. Also, interested in finance, business, and investing in world markets.
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