A growth cycle is underway for the global natural gas and oil industry, with the offshore looking particularly inviting, according to Schlumberger Ltd. CEO Olivier Le Peuch.

Schlumberger

As the world’s largest oilfield services (OFS) company, Schlumberger is attuned to the needs of its exploration and production (E&P) customers, which have begun pouring into the offshore, Le Peuch said earlier this month at the J.P. Morgan Energy Power & Renewables Conference in New York City.

“The growth cycle…is upon us,” he told the audience, repeating some remarks he made in April. Market fundamentals “are very constructive for our industry as it emerges from a period of underinvestment, with spare capacity and global inventories at decade lows, while oil and gas prices remain...