Exploration and production companies are investing billions to expand their natural gas and oil development in the global offshore, including the U.S. Gulf of Mexico, as Lower 48 activity flattens, SLB Ltd. CEO Olivier Le Peuch said Friday.

During the fourth quarter conference call with analysts, Le Peuch said, “the characteristics of breadth, resilience and durability that have defined the cycle remain fully in place” to advance the gas and oil business worldwide. “This continues to be supported by the imperative of energy security to meet rising global demand, confirming our belief in the longevity of the cycle…

“We anticipate further growth in 2024,” supported by an “ongoing investment cycle.”
For SLB, the world’s largest oilfield services provider, the...