Oil analysts have pointed gravely to declining numbers of giant oilfields, known as elephants. But the fact that Middle Eastern countries are scaling back their search for new fields of crude is a significant worry for Schlumberger, the world's largest oilfield services company.
Schlumberger reported earnings for the third quarter of US$1.307 billion on Friday, a 24.4 per cent drop from the corresponding period a year earlier.
The results disappointed analysts, who had hoped for a profit of $1.376bn, while the company's shares fell 0.9 per cent in New York to $67.38 each.
Schlumberger said the drag on earnings was the result of reduced activity at WesternGeco, its geological surveying subsidiary, which was mobilising crews and equipment while gearing up for large contract surveys in the Middle East.
Revenue from the Middle East and Asia fell 3.6 per cent to $2bn, as contracts for onshore surveying dried up. The region, the company's second-biggest source of profit after North America, was the only area in which revenue did not rise.
Crude oil prices have remained above $100 per barrel for much of the year, as the civil war in Libya interrupted its production of oil.
Brent futures fell 10 US cents to $110.78 per contract in trading on the Intercontinental Exchange on Friday.
However, a fall in oil prices has been anticipated. That would be to the detriment of Schlumberger's top line.
Slower revenue growth is affecting many companies in oilfield servicesas deals for onshore exploration slow to a trickle, said Thaddeus Malesa, an independent energy analyst.
"The vast majority of opportunities in the Middle East, if there are any, are offshore," he said. "In Iraq, where you do have significant activity in onshore, much of these are not new fields."
ghunter@thenational.ae
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Best Foreign Language Film nominees
Capernaum (Lebanon)
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Shoplifters (Japan)
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
UPI facts
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