SCHLUMBERGER LOOKS PAST OIL
In 1927, two French brothers lowered an electrical probe down an oil well on a wire and made a discovery as valuable as oil itself. Conrad and Marcel Schlumberger, who had been experimenting with using electricity to prospect for minerals, found that they could measure the electrical resistance of rock formations at various depths to obtain a picture of the underground geology. That process, known as well-logging, is now indispensible in drilling for oil, and highly profitable Schlumberger Ltd. has been the dominant company in the industry, with a 65 percent worldwide share of a $2.9 billion-a year business that is growing at more than 30 percent a year. Yet Schlumberger, which says it is not a well-logging company, is trying to expand its reach into what it considers is its actual field - data collection and processing.