Schlumberger business boosted by shale rebound
The recent United States shale rebound has spurred an increase in business for Schlumberger Limited, according to FuelFix.com. Responding to favorable prices, the company has begun redeploying idled fracking equipment back into U.S. shale plays and hiring workers.
Schlumberger CEO Paal Kibsgaard recently told investors that the drilling business has taken the lead in the industry’s recovery in the U.S. after crude prices stabilized at around $50 a barrel. The company plans to reactivate its entire fleet by the fourth quarter.
Oil field spending is expected to increase 50 percent this year.