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The next oil major? Service firm Schlumberger's big bet on production

Schlumberger's gamble could upend the service business model throughout the industry

Reuters  |  Houston 

The world's largest oilfield services company, Schlumberger NV, is spending billions of dollars buying stakes in its customers' oil and gas projects - investing in the same ventures it supplies with equipment and expertise. The new business model gives Schlumberger a say in drilling decisions, oilfield management and even on hiring other Schlumberger units for service contracts, the company has told investors. The expanded operational authority saves Schlumberger from bidding for each of the many jobs that typically require separate contracts on a large drilling project - ...

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First Published: Fri, September 08 2017. 13:45 IST
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