How the Oil Industry is Building a $100 Billion Global Oil Development Platform
Schwarzkaropf has a $1.5 billion, 3,200-acre project in Texas called the Schlumberger Oil Fields that includes a pipeline and processing plant.
The company says it’s the first oil-field developer to get a permit from the U.S. Environmental Protection Agency to develop oil sands in the United States.
Schlumberge’s CEO, Thomas Schmid, was a key player in lobbying the U:S.
Congress to approve an amendment to the Keystone XL Pipeline, which would have made it easier for oil-producing states to bypass U.s. environmental laws to approve projects.
The amendment passed, but not before a federal court blocked it from taking effect until Schmid could present the case in court.
Schlumacher is a subsidiary of Schlumbergild, a Dutch company that owns and operates Schlumbergers oil fields and pipelines.
Schlumbach has also signed a letter to President Donald Trump in February to encourage the administration to reject the Keystone pipeline.
Schmid said in an interview with Bloomberg that the pipeline’s route and the company’s business model “were already very different.”
The company has said that it plans to export the oil to China, but hasn’t said if that will be at any price.
The project has raised questions about whether it would create an oil spill, according to Schmid.
It would also be the first of its kind in the U.: it would be the largest oil-oil pipeline in the world, he said.
“It is a huge project,” Schmid added.
“You can’t imagine how much money and how big it would make.”
“I think it would put an awful lot of pressure on the environment.”