Accenture acquires Schlumberger’s arm to expand capabilities oil sector

Accenture has entered into an agreement to acquire Schlumberger Business Consulting (SBC), the management consulting unit of Schlumberger, to buoy its oil and gas service capabilities.

The acquisition, according to a statement made available to The Guardian, would expand the capabilities of Accenture Strategy in helping the world’s major exploration and production companies achieve greater competitiveness and growth.

Terms of the acquisition were not disclosed, but the completion of the acquisition is said to be subject to regulatory approvals and other customary closing conditions.

Sequel to the acquisition, all of the Schlumberger Business Consulting (SBC) employees and associated knowledge assets are expected to join Accenture and become part of Accenture Strategy, further strengthening its ability to assist upstream oil and gas companies improve portfolio optimization, enhance operational agility and cost competitiveness, as well as plan and execute digital-driven transformations.

Group Chief Executive, Accenture Strategy, Mark Knickrehm, said: “The acquisition will further strengthen Accenture Strategy’s 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.”

Group Chief Executive, Accenture’s Resources operating group, Jean-Marc Ollagnier, said: “The upstream oil and gas sector is undergoing a fundamental transformation, partly driven by oil price volatility, but also by increased regulation and technology advances,”

“Energy companies are also under pressure to improve internal performance in delivering large capital projects, reduce production costs and extend into new areas, including 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.” he said.