Schlumberger expects growth from energy transition

The head of upstream services company Schlumberger said September 8 that securing even a small share of the energy transition market could rival its oil and gas business in size within a decade.

CEO Olivier Le Peuch delivered remarks to the Barclays CEO Energy Power Conference in Houston. Focusing on opportunities in the energy transition, Le Peuch said the emerging sector was one of the fastest growing in all of energy. He pointed to estimates that investments in the energy transition could average about $1.6 trillion annually between 2030 and 2040.

“For perspective, if we capture a little more than 1% of this total market sector over the next decade or so, the resulting business would equal the oil and gas business of Schlumberger as it stands today,” he said.

The Houston-based organisation reported global revenue of $5.6bn during the second quarter, an 8% increase over the same period last year. International revenue of $4.5bn marked a 7% improvement sequentially, while the $1.1bn in revenue from North American operations represented an 11% increase from second quarter 2020.

Speaking on the quarterly announcements, Le Peuch in July said that, barring any economic reversals, he expects international revenue to increase by double-digits in the second half of the year, relative to year-earlier levels.