Schlumberger commits to reaching net-zero by 2050

Giant oilfield services provider Schlumberger is the next company in line to commit to achieving net-zero greenhouse gas (GHG) emissions by 2050.

Illustration; Source: Schlumberger

Schlumberger said on Tuesday that it spent 18 months conducting extensive analysis and working with experts to produce a decarbonization plan.

With minimal reliance on offsets, the plan is focused on reducing scope 1, 2, and 3 emissions across the oil and gas value chain – including the introduction of its ‘Transition Technologies’ portfolio to assist its customers and the wider industry in their decarbonization commitments.

Schlumberger is committed to getting to net-zero, using 2019 as a baseline year by reducing scopes 1 and 2 by 30 per cent by 2025. By 2030, the company wants to reduce scopes 1 and 2 by 50 per cent and scope 3 by 30 per cent. By 2050 it should hit net-zero, with minimal reliance on offsets.

Along this journey to net-zero, Schlumberger will ensure transparency in alignment with the Task Force on Climate-related Financial Disclosures (TCFD) and Sustainability Accounting Boards (SASB) frameworks. In this context, Schlumberger is working with the Science-Based Target initiative for formal external validation of its 2030 target.

Olivier Le Peuch, chief executive officer at Schlumberger, said: “There is a new industry imperative to address climate change while meeting the demand for energy both today and in the long term, sustainably. We have a 2050 net-zero carbon emissions ambition which I believe is unique in our industry due to our capabilities as a technology company and our culture grounded in science.

This reinforces our commitment to unlocking access to energy, for the benefit of all. Our net-zero target is inclusive of total scope 3 emissions; this is a first in the energy services industry”.

Katharina Beumelburg, chief strategy and sustainability officer at Schlumberger, added: “Our decarbonization plans are based upon climate science and focused on three key areas: operational emissions; customer emissions; and carbon-negative actions.

75 per cent of Schlumberger’s baseline GHG footprint comes from the technologies our customers use. To address this, Schlumberger has introduced our Transition Technologies portfolio, which is designed to help customers reduce their scope 1 and 2 emissions, while simultaneously enabling us to meet our scope 3 emissions target”.

The Transition Technologies portfolio will address fugitive emissions, flaring reduction, electrification, well construction emissions, and full-field development solutions.

Comprised of proprietary technologies and solutions, these will help to reduce direct and indirect emissions along with other environmental attributes, while simultaneously driving efficiency, reliability, and performance.

To quantify the impact of these technologies, Schlumberger has developed a framework that enables standardization of measurement, benchmarking through net-footprint comparisons, and ultimately better-informed technology selection during planning.

Schlumberger’s decarbonization plan is aligned with the Paris Agreement to limit global warming to 1.5 degrees Celsius, achieving a climate-neutral world by mid-century. Schlumberger stated that it was on track to achieve its previously set near-term emissions reduction target of 30 per cent by 2025 for scope 1 and 2, ahead of schedule.