Schlumberger announced that it has entered into a collaboration agreement with China Petroleum Logging Co. Ltd (CNPC Logging), a subsidiary of China National Petroleum Corporation (CNPC), to jointly manufacture wireline downhole technology in China. The agreement will strengthen the commercial and technical collaboration between the two companies and aligns with Schlumberger’s commitment to enable technology access in key basins.

The collaboration agreement will provide CNPC Logging with a license to manufacture fit-for-basin wireline technology. As part of the agreement, Schlumberger will support CNPC Logging on the manufacturing and sustaining activities for ThruBit* through-the-bit logging technology at the CNPC Logging technology center in Xi’an, Shaanxi province.

Djamel Idri, Wireline president, Schlumberger, said, "We are very pleased to continue evolving our relationship with CNPC Logging through this new technology access model, starting with ThruBit—one of our differentiated wireline technologies. This technology will enable CNPC Logging to significantly improve their logging capabilities in horizontal and vertical wells across all China basins. We look forward to continue working together with CNPC Logging to enhance value creation and performance through advanced wireline technologies."

Li Jianhao, president, CNPC Logging, commented, "CNPC Logging and Schlumberger have entered into an agreement to begin the co-manufacture of ThruBit logging tools marking a historic milestone in the relationship between the two companies. With the growing number of horizontal wells undertaken by CNPC each year, the ThruBit platform has become essential to our reservoir evaluation strategy. In today’s low oil price environment, this partnership is more important than ever and this new business model will help us to achieve mutual benefits. I look forward to strengthening the collaboration between our management and technical teams, to continue delivering high-quality products in order to keep improving the efficiency and performance of the CNPC oilfields."

* Mark of Schlumberger or Schlumberger companies.

About Schlumberger

Schlumberger is the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. With product sales and services in more than 120 countries and employing approximately 103,000 people as of the end of first quarter of 2020 who represent over 170 nationalities, Schlumberger supplies the industry's most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance sustainably.

Schlumberger Limited has executive offices in Paris, Houston, London, and The Hague, and reported revenues of $32.92 billion in 2019. For more information, visit www.slb.com.

About CNPC

CNPC is China's largest oil and gas producer and supplier, as well as one of the world's major oilfield service providers and a globally reputed contractor in engineering construction. With a presence in almost 70 countries, we are seeking an even greater international role. We provide energy in a profitable manner, and always attach great importance to our social and environmental responsibilities.