Schlumberger Sees Global Oil Exploration and Production Accelerating

Schlumberger's Olivier Le Peuch predicted that global oil exploration and production will increase rapidly since oil prices have risen to their highest level in years due to sanctions on Russian energy.

Liz Hampton, Reuters

Spending in the global oil exploration and production industry is "poised to accelerate broadly" and drive an increase in output, Olivier Le Peuch, CEO of top oilfield firm Schlumberger, said at a conference on June 22.

"The need for reliable energy supply and reinvestment in our industry remain very compelling and will ultimately extend the growth cycle, both in terms of duration and magnitude," he said at the JP Morgan Energy Conference in New York.

Oil prices have climbed to their highest level in years following sanctions on Russia's oil industry in response to its invasion of Ukraine four months ago. The uptick in prices is hitting consumers, including in the U.S. where the average price of gasoline recently topped $5 per gallon for the first time ever.

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