Schlumberger to Invest 5 Billion Riyals in QatarEnergy's Localization Drive

QatarEnergy and Schlumberger have signed a Memorandum of Understanding (MOU) that will see Schlumberger invest an additional 5 billion riyals over the next five years. This substantial investment is aimed at supporting in-country localization initiatives, enhancing Qatar's local capabilities and workforce.

QatarEnergy has announced a major new collaboration with Schlumberger, confirmed through a recent Memorandum of Understanding (MOU). The agreement will see Schlumberger invest an additional 5 billion riyals over the next five years.

This strategic investment aims to bolster local capacity and workforce by supporting in-country localization initiatives, thus strengthening QatarEnergy's local infrastructure.

The financial commitment underscores Schlumberger's dedication to enriching Qatar's energy sector while promoting domestic expertise and resources.

(With inputs from agencies.)