Schlumberger Announces First-Quarter 2012 Results

In Saudi Arabia, Schlumberger has been awarded a 10-well contract for the well logging, slickline, proppant fracturing, well testing, coiled-tubing and nitrogen services required for the development of unconventional tight and shale gas resources in a remote area with limited infrastructure. The scope of work includes multistage shale and tight sandstone targets and Schlumberger will provide all engineering, equipment, materials, services, transportation, storage, accommodations and logistics.

In Argentina, YPF awarded Schlumberger a contract to provide integrated services for shale completions in the Neuquen province. The contract covers pressure pumping, cased-hole wireline, drillable bridge and fracture plug, fracture plug drillout and flowback, coiled-tubing and integrated project management services. This is the first fully dedicated shale completions crew in Latin America and has so far performed more than 100 treatments in the Vaca Muerta shale.

In South Mexico, PEMEX E&P has awarded Schlumberger Production Management a 25-year contract to evaluate, develop and produce hydrocarbons in the Carrizo field. The contract is focused on increasing reservoir recovery through a commercial model based on incremental oil production. Schlumberger expertise in project and asset management, subsurface knowledge, well construction, production engineering and technology will be applied to address field redevelopment and the use of thermal processes and technologies to develop the field's heavy oil resources.

In Ecuador, EP PETROECUADOR has awarded Schlumberger Production Management and its partners two 15-year service contracts to redevelop and rejuvenate the Shushufindi and Libertador fields located in the Oriente region of Ecuador. Schlumberger leads the Shushufindi field consortium with Tecpetrol Corporation and Kohlberg Kravis Roberts as partners, and holds a share in the Libertador field consortium, which is led by Tecpetrol and includes Canacol Energy Ltd. and Sertecpet as partners. Both contracts are based on a commercial model that rewards investment based on incremental oil production and also provide for selected improved and enhanced recovery techniques on an experimental basis that, if successful, have the potential to further rejuvenate the fields.

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