The global oil and natural gas upcycle has begun, with more capital spending set to flow into the onshore and offshore heading into 2022, Schlumberger Ltd. CEO Olivier Le Peuch said Friday.

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The head of the world’s largest oilfield services (OFS) company shared a bullish view of the energy markets during a third-quarter conference call with investors. The reinvestment cycle is about to kick into high gear as exploration and production (E&P) customers look to replenish reserves. 

Schlumberger’s operating margins reached their highest level in 3Q2021 since 2015, Le Peuch said. The OFS giant now expects to “close 2021 with strong momentum that will set the foundation for an exceptional growth cycle…

“The industry macro fundamentals have visibly strengthened this year,...