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Oil service executive sees fast exploration growth

10/20/2008
Exploration services are likely to grow much faster than the overall oil field services market worldwide for years, Schlumberger Ltd. Chairman and Chief Executive Officer Andrew Gould said.Absent a global recession, he is optimistic about the long-term outlook for oil and gas. “We are now in the fifth year of an up cycle in E&P investment,” Gould said in a recent speech, noting that supply remains flat because of a declining mature production base, cost inflation, the time for exploration to translate to production, and increasing numbers of complex, capital-intensive projects in deep water or targeting unconventional resources.“It is unrealistic to think that 5 year...
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