High oil and gas prices have spurred more exploration, but lack of access to resources, rising costs and a shortage of new workers are slowing oil companies' output growth, the head of oilfield services giant Schlumberger Ltd. said on Monday.

Exploration spending by the largest oil companies has turned higher in the past couple of years, reversing the trend of spending declines over the previous decade, Schlumberger CEO Andrew Gould told an energy conference, according to the text of his speech provided by the company.

Source: Reuters

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