As business names go, Integrated Project Management sounds like an engineer’s stab at marketing. But this division of Schlumberger poses big questions for the energy industry.

IPM’s revenue – just 8 per cent of the oilfield services giant’s total – has risen 25 per cent a year since 1999. For a fee, IPM will drill wells, develop an oil field and manage production. Schlumberger claims IPM manages the same amount of output as a “moderately sized independent” exploration and production company.