SLB chief executive Olivier Le Peuch enthuses about ‘durable’ offshore oil and gas boom



New York-listed super-contractor SLB is banking on major growth from the booming offshore oil and gas sector to drive the company’s performance, according to chief executive Olivier Le Peuch.

“We are in the midst of a unique oil and gas cycle, defined by the characteristic of breadth, resilience and durability… and nowhere is this more evident than the offshore market,” he told delegates at JP Morgan event this week.

Le Peuch described offshore as the fastest growing oil and gas market, driven by long-cycle projects, production capacity expansions, the return of exploration and appraisal (E&A) drilling and the criticality of gas as a long-term fuel for energy security.