SEC Filing

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SEC FORM 3 SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

PAI SATISH

(Last)

(First)

(Middle)

C/O SCHLUMBERGER LIMITED

5599 SAN FELIPE 17TH FLOOR

(Street)

HOUSTON

77056

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
05/01/2008

3. Issuer Name and Ticker or Trading Symbol
SCHLUMBERGER LTD /NV/ [ SLB ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
VICE PRESIDENT

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	50,990	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Employee Stock Option (right to buy) w/ tandem Tx w/h right	⁽¹⁾	04/17/2012	Common Stock	156,414	27.873	D
Employee Stock Option (right to buy) w/ tandem Tx w/h right	⁽²⁾	01/19/2015	Common Stock	56,920	32.455	D
Employee Stock Option (right to buy) w/ tandem Tx w/h right	⁽³⁾	07/21/2014	Common Stock	56,936	32.618	D
Employee Stock Option (right to buy) w/ tandem Tx w/h right	⁽⁴⁾	01/18/2016	Common Stock	78,158	54.235	D
Employee Stock Option (right to buy) w/ tandem Tx w/h right	⁽⁵⁾	07/19/2016	Common Stock	28,427	63.545	D
Employee Stock Option (right to buy) w/ tandem Tx w/h right	⁽⁶⁾	01/17/2018	Common Stock	37,645	84.93	D
Incentive Stock Option (right to buy)	⁽¹⁾	04/17/2012	Common Stock	3,586	27.873	D
Incentive Stock Option (right to buy)	⁽²⁾	01/19/2015	Common Stock	3,080	32.455	D
Incentive Stock Option (right to buy)	⁽³⁾	07/21/2014	Common Stock	3,064	32.618	D
Incentive Stock Option (right to buy)	⁽⁴⁾	01/18/2016	Common Stock	1,842	54.235	D
Incentive Stock Option (right to buy)	⁽⁵⁾	07/19/2016	Common Stock	1,573	63.545	D
Incentive Stock Option (right to buy)	⁽⁶⁾	01/17/2018	Common Stock	2,355	84.93	D

Explanation of Responses:

1. Exercisable in five equal annual installments beginning April 17,2003.

2. This option becomes exercisable in four equal annual installments beginning January 19, 2006.

3. This option becomes exercisable in four equal annual installments beginning July 21, 2005

4. This option becomes exercisable in four equal annual installments beginning January 18, 2007.

5. This option becomes exercisable in five equal annual installments beginning July 19, 2007.

6. This option becomes exercisable in five equal annual installments beginning January 17, 2009.

	By: Janet B. Glassmacher Attorney-in-Fact For: Satish Pai	05/02/2008
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

                       SCHLUMBERGER LIMITED

                         POWER OF ATTORNEY

The undersigned in his capacity as a director or officer or both
of Schlumberger Limited, a Netherlands Antilles corporation
(the "Company"),does hereby appoint Janet B. Glassmacher, Lynda M.
Quagliara and Ellen Summer, and each of them severally, his true and
lawful attorney-in fact with power to act with or without the other
and with full power of substitution and resubstitution, to execute
for him and in his name, place and stead, in his capacity as a
director or officer or both of the Company,a statement of beneficial
ownership on Form 3, Form 4, Form 5 or Form 144, and to file the
same or cause the same to be filed with the Securities and
Exchange Commission.  This Power of Attorney shall remain in full
force and effect until the undersigned is no longer required to
file Forms 3, 4, 5 and 144.


April 30,2008                    /s/ Satish Pai
					Satish Pai