Rising investments in oil, natural gas and renewable energy are fueling a "super cycle" that will drive demand for drilling equipment for many years , Schlumberger ( NYSE: SLB ) CEO Olivier Le Peuch said Thursday, according to Bloomberg.
"I believe we are, for the first time, at the convergence of two key macro factors: oil and gas industry resurgence and investment that is accelerating, and at the same time, an inflection in clean energy investment throughout the decade," Le Peuch told analysts at a conference in New York.
The CEO believes the outlook for offshore drilling, both shallow and deepwater, will surpass levels seen before the COVID-19 pandemic, with strong demand and pricing driving new investment into the oil and gas industry .
Anticipating a strong resurgence in international business going forward, Le Peuch said Schlumberger ( SLB ) aims to grow its overall revenue by 15%/year through 2025 from 2021 levels.
The world's biggest oilfield services provider recently rebranded itself as "SLB" as part of a pivot to embrace clean tech and decarbonization .
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Schlumberger sees energy 'super cycle' with oil, gas, clean tech