The oil and gas industry may need a significant amount of new investments to offset a looming supply shortage, the head of oil services firm Schlumberger said. Companies like Schlumberger that cater to the exploration and production, or upstream, side of the industry are still evolving after the historic slump in crude oil prices two years ago. That forced major energy companies to cut costs, improve efficiencies and join forces in order to survive. Schlumberger last year formed several ventures with its industry partners. Extending a six-year relationship, the company in July spent $1.7 billion to acquire a 51 percent stake in Eurasia Drilling Co. Ltd., which holds one of the largest fleets of onshore drilling units globally. In February, it formed a joint […]