Join AOGdigital on Facebook Join AOGdigital on LinkedIn Join AOGDigital on Twitter


Schlumberger to Avoid New Field Management Work

By  AOG Staff Monday, 25 March 2019 04:58
Rate this item
(0 votes)

Oilfield services firm Schlumberger will stop taking new field management contracts that have been criticized as requiring heavy upfront investments while it seeks to monetize existing deals, the company's chief executive said on Monday.

© eaumstocker / Adobe Stock
© eaumstocker / Adobe Stock

Paal Kibsgaard, speaking at the Scotia Howard Weil energy conference, said the business, known as Schlumberger Production Management, was cash flow neutral last year and is expected to contribute to free cash generating beginning this year.

(Reporting by Gary McWilliams Editing by Chizu Nomiyama)

Read 1423 times