SLB sees Guyana, Suriname helping drive offshore growth

Guyana and Suriname will help underpin international offshore activity, according to Olivier Le Peuch, CEO of oilfield services firm SLB, formerly known as Schlumberger.

During the company’s fourth quarter results call, the executive highlighted that the basin is one of four or five geographic regions driving deepwater exploration and appraisal.

“We are clearly witnessing the start of a new phase in the growth cycle which will increasingly be driven by international growth,” he said.

The Houston-based group recently announced it secured work for BP’s Cypre gas project offshore Trinidad and Tobago.

SLB’s 4Q22 revenue in Latin America rose 7% sequentially and 34% year-on-year to US$1.6bn.

The sequential growth was attributed to higher well construction revenue from higher drilling activity and pricing, mainly in Mexico and Brazil, along with increased production system and asset performance solutions (APS) sales in Brazil and Ecuador, respectively.

An uptick in drilling and pricing across the region boosted year-on-year growth, with higher APS activity in Ecuador, greater stimulation and drill work in Argentina, and higher productions systems sales and drilling in Brazil.

Latin America accounted for 20.5% of SLB’s total revenue last quarter.