Buried in the Schlumberger 2016 annual report released in January was a statement by chairman and chief executive Paal Kibsgaard that may best summarise the prospects for the E&P oil and gas industry beyond North America, where the Permian basin has fired up onshore activity.
Kibsgaard predicted a third successive year of oil company under-investment with a continued low rate of new project approvals and an accelerating production decline in the ageing production base.
“These
