Schlumberger pays $14.8bn for Cameron
The oilfield service companies will merge as the transaction is completed in the first quarter of 2016
Two oilfield service companies have agreed to merge, as the world’s biggest, Schlumberger, is buying Cameron for $14.8bn in cash and shares. Schlumberger’s chief executive Paal Kibsgaard said 26 August that the agreement “opened new and broader opportunities for Schlumberger… With oil prices now at lower levels, oilfield services companies that deliver innovative technology and greater integration while improving efficiency, which our customers increasingly demand, will outperform the market.” Oilfield service companies are struggling for survival as the falling oil price makes projects less and less attractive. Their customers have forced prices down by 30% in some cases. Last year, the sec
Also in this section
23 April 2026
The addition of an oil pipeline to the Power of Siberia 2 gas project could ensure deliveries of Russian oil to China, materially shorten logistics lines between West Siberia and final customers, and—amid disruption in the Strait of Hormuz—offer a land-based export route that reduces exposure to maritime chokepoints
23 April 2026
There is a clear push to bolster exports to Asia amid uncertainty around its North American neighbour, but there are limits to the benefits from the energy crisis
23 April 2026
Shell made the play-opening discovery in Namibia’s Orange basin back in 2022, but its next well could decide whether the project can actually be commercialised
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
