Schlumberger Becomes SLB, a Technology Company Driving the Future of Energy
New identity focuses on energy innovation and decarbonization to address the world's energy needs today and to forge the road ahead for the energy transition
“Today we face the world’s greatest balancing act—providing reliable, accessible and affordable energy to meet growing demand, while rapidly decarbonizing for a sustainable future,” said
The SLB brand builds on nearly a century of technology innovation and industrialization expertise in the energy services industry. The company has spent the last three years laying the groundwork for its increasing focus on low- and zero-carbon energy technology solutions while continuing to drive innovation, decarbonization and performance for the oil and gas industry:
- In 2020, SLB launched its New Energy business to explore partnerships and opportunities in low-carbon and carbon-neutral technologies. This set in motion a years-long journey for the company to expand its role in the new energy future through the development of new technologies and partnerships.
- In 2021, SLB became the first company in the energy services industry to commit to a net-zero target inclusive of total Scope 3 emissions from the use of its technologies.
- In tandem with this commitment, SLB introduced a portfolio of Transition Technologies™ with a quantifiable, science-based emissions reduction benefit. One example is SLB’s Zero-Flaring Well Test and Cleanup technique, which has been used by customers to reduce up to 80,000 tons of CO2 emissions—the equivalent of taking nearly 18,000 cars off the road for a year.
- Earlier this year, the company announced SLB End-to-end Emissions Solutions (SEES), a dedicated business for eliminating methane emissions from oil and gas operations. Methane is an important industry target because its warming effect is 84 times greater than CO2 over a 20-year period and 28 times over a century. SLB recently joined the Oil and Gas Climate Initiative’s “Aiming for Zero Methane Emissions Initiative” to support energy companies’ efforts to curb the warming impact of their operational methane emissions.
Leveraging this progress and guided by its brand promise to drive energy innovation for a balanced planet, SLB will focus on delivering results-driven solutions for its customers in four areas:
- New energy systems—SLB is focusing on creating and scaling the new energy systems of tomorrow. With its New Energy business evolving to a strategic driver for the company, SLB will continue forging partnerships across various industries to develop technologies across five areas: carbon solutions, hydrogen, geothermal and geoenergy, energy storage and critical minerals. This includes the company’s Celsius Energy business, which reduces the carbon footprint of buildings by making energy accessible from the earth, as well as Genvia, a clean hydrogen technology company formed as a public/private partnership with France’s renewables research agency, CEA, and other partners.
- Industrial decarbonization—Reducing emissions, particularly from hard-to-abate industries, is critical to achieving net zero targets. SLB is already working to make an impact in this area. Last month, it announced plans to develop a digital sustainability platform that will provide sustainability solutions for hard-to-abate industrial sectors. SLB is also focused on expanding technologies and opportunities for carbon capture, utilization and sequestration (CCUS), which is one of the most significant levers for decarbonizing multiple industries.
- Digital at scale—Digital capabilities continue to grow throughout the energy industry and have become a key performance and efficiency driver. SLB’s customers will be able to use the company’s digital products and services to help meet their sustainability goals by driving transparency, better measurement, more effective planning and much more impactful outcomes with integrity. SLB recently announced the commercial release of its Enterprise Data Solution, which helps accelerate advanced workflows. This latest innovation was built in alignment with the emerging requirements of the OSDU™ Technical Standard, the open industry standard for energy data.
- Oil and gas innovation—Building on its decades of technology advancement, SLB will continue innovating new products, services and technologies that make the exploration and development of oil and gas assets cleaner, more resilient and more efficient, with lower carbon and less impact on the environment. The company will continue to build on its fit-for-basin approach, developing bespoke and custom technologies tailored for the regions and environments in which they operate. Through the continued growth of digitally enabled technologies that improve efficiency and performance, its Transition Technologies portfolio and its SEES methane elimination business, SLB will provide solutions that enable its customers to increase production from their reserves at a competitive cost and low carbon intensity per barrel equivalent.
“Our new identity boldly symbolizes our ambition to accelerate the energy transition with sustainability at the center of everything we do,” said Dr.
SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day to decarbonize oil and gas and develop scalable new energy technologies to accelerate the energy transition. Find out more at slb.com.
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