Accenture is set to acquire Schlumberger Business Consulting (SBC) in a bid to expand its strategy in upstream oil and gas
SBC is the management consulting division of oilfield services major Schlumberger, and the acquisition is expected to enhance Accenture’s strategies pertaining to improving exploration and production in oil and gas.
While the terms of the acquisition were not disclosed, its completion is subject to approvals and customary closing conditions, stated Accenture.
Accenture Strategy group executive Mark Knickrehm said, “The acquisition will further strengthen our ability to provide key strategic insights to clients in the upstream oil and gas industry. Our technology-driven business strategies and digital knowledge complement the core consulting strengths of the professionals who will join us through this acquisition.”
Following the completion of acquisition, all SBC employees and knowledge assets will join Accenture and eventually become a part of Accenture Strategy. Upstream oil and gas companies will be provided insights by the employees to improve their portfolio, enhance operational agility and cost competitiveness, as well as plan and execute digitally-driven transformations.
With the upstream oil and gas sector undergoing a “fundamental transformation”– partly driven by oil price volatility, increased regulation and technological advances – energy companies are also under pressure to improve internal performance in delivering large capital projects, reduce production costs and further their scope into new areas such as renewables.
“This acquisition will enhance our capabilities in helping clients navigate these challenges with a combination of business, digital and technology knowhow that differentiates us in this global market,” said Accenture group chief executive Jean-Marc Ollagnier.