Service giants Halliburton and Schlumberger are predicting a reduction of up to 10% in onshore exploration and production spending in North America for 2019, with both companies saying they will double down on efficiencies to ride out the market softness, writes Kathrine Schmidt.
In Schlumberger’s quarterly results last week, chief executive Paal Kibsgaard projected a decline of 10%.
“In addition, rising technical challenges — from parent-child well interference, step-outs from core acreage, and limited growth in lateral length and proppant per stage — all point to more moderate growth in US shale oil production in the coming years,” Kibsgaard said.
