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February 2nd 2010 edition |
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Iraq: the contracts keep on coming Schlumberger looks forward to increased demand Global recovery points to a steady rise in energy demand
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According to Schlumberger Limited’s recently announced fourth-quarter and full-year 2009 results, its full-year 2009 revenue was US$22.70 billion. This compares with US$27.16 billion in 2008. Fourth-quarter revenue was US$5.74 billion (compared with US$5.43 billion in the third quarter of 2009, and US$6.87 billion in the fourth quarter of 2008). Commenting on the results, Schlumberger Chairman and CEO Andrew Gould, highlighted improved fourth-quarter revenue in the North America, Latin America and Middle East and Asia areas and added that the company’s outlook for 2010 remains largely dependent on the prospects for the general economy, saying: “Consensus forecasts predict that oil demand in 2010 will increase, particularly in the developing world, for the first time since 2007.” He also suggested that, if oil prices are sustained at current levels and confidence of the company’s customers grows, their exploration and production budgets will increase. He added that the company remains a great deal more cautious about natural gas activity and that 2010 will be a better year for multiclient seismic sales and for land seismic activity, particularly in Middle East and North Africa. |
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