Oilfield services giant rebranding in pursuit of decarbonization targets
Schlumberger is rebranding and changing its name to SLB to pursue a new identity that will represent the transformation from a giant oilfield services provider to a technology company focused on energy innovation and decarbonization.
Schlumberger announced that nearly all of its affiliated brands will become one under the new SLB brand, introducing a new logo as a symbol of where the company is today and where it is heading.
SLB will focus on delivering solutions in four areas – new energy systems, industrial decarbonization, digital at scale and oil and gas innovation.
With its New Energy business evolving to a strategic driver for the company, SLB plans to continue forging partnerships to develop technologies across five areas, including carbon solutions, hydrogen, geothermal and geoenergy, energy storage and critical minerals.
The company added it will stay focused on expanding technologies and opportunities for carbon capture, utilization and sequestration (CCUS), as well as continue innovating new oil and gas 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.
“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. This dual challenge requires a balance of energy affordability, energy security and sustainability,” said Olivier Le Peuch, SLB CEO.
“It requires a balance of innovation and decarbonization in the oil and gas industry as well as clean energy solutions. It requires a balanced energy mix for a balanced planet. Our new identity symbolizes SLB’s commitment to moving farther and faster in facilitating the world’s energy needs today and forging the road ahead for the energy transition. It’s a bold challenge. But the legacy of our people, technology and performance are unmatched, and we are ready to answer this challenge.”
SLB said it had spent the last three years laying the groundwork for its increasing focus on low- and zero-carbon energy technology solutions while driving innovation, decarbonization and performance for the oil and gas industry.
In 2020, the New Energy business was launched to explore partnerships and opportunities in low-carbon and carbon-neutral technologies and a year later SLB committed to a net-zero target inclusive of total Scope 3 emissions from the use of its technologies.
Earlier this year, the company announced the SLB End-to-end Emissions Solutions (SEES) business for eliminating methane emissions from oil and gas operations. SLB also 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.