SLB, Shell, Weatherford sign major deals with TotalEnergies, Equinor

· Energy · Canada · Norway

A cluster of oilfield service and upstream deals reshapes activity in several basins. SLB has entered a 15-year digital drilling agreement with TotalEnergies covering deployment of its technology across the French major's operations. Separately, Shell Canada Energy agreed to acquire a 30% stake in Equinor's roughly $10 billion oil project in Canada, while Weatherford International secured a two-year extension of several strategic frame agreements with Equinor in Norway. The agreements highlight how national and international oil companies are locking in long-term service and partner relationships as they push forward multi-billion-dollar developments, especially in Canada and the Norwegian continental shelf. For service providers, these contracts lengthen order backlogs and signal continued upstream spending despite price volatility.

Why it matters：Long-cycle service and partnership agreements signal that upstream investment in Canada and Norway is continuing, shaping revenue visibility for oilfield services and the pace of new production capacity.

Key points

  • SLB's 15-year agreement with TotalEnergies focuses on digital drilling deployment.
  • Shell Canada Energy is buying 30% of Equinor's ~$10 billion Canadian oil project.
  • Weatherford won a two-year extension of frame agreements with Equinor.

Sources (original reporting)

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