(Bloomberg) -- The global oil industry is on pace to repeat or even surpass the heady days of 2008 when crude ascended to dizzying heights and drilling profits soared, according to Schlumberger (NYSE:SLB), the world’s biggest oilfield contractor.
Exploration companies are expanding the search for crude from onshore shale fields to the deep seas, spurred at least in part by a widespread aversion to Russian oil since the invasion of Ukraine in late February, Chief Executive Officer Olivier Le Peuch said during a conference call on Friday.
The sector’s growth now appears likely to be of a “higher magnitude” than originially anticipated, Le Peuch said after the company disclosed its strongest first-quarter margins since 2015 and rewarded investors with a surprise dividend increase.
In 2008, international crude surged above $145 a barrel in a so-called supercycle that only ended when worldwide financial markets collapsed under the weight of the mortgage crisis.
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