Schlumberger has announced its new name – SLB – which it says underscores its vision for a decarbonised energy future and affirms its transformation from the world’s largest oilfield services company to a global technology company.
SLB’s decarbonised energy future
In a statement, SLB said that the new name signifies its focus on driving energy innovation for a balanced planet, and that the legacy Schlumberger brand and nearly all of its affiliated brands will become one under the new SLB brand.
The new brand will introduce a refreshed visual identity and logo for the company, it added.
“Today we face the world’s greatest balancing act—providing reliable, accessible and affordable energy to meet growing demand, while rapidly decarbonising for a sustainable future,” said Olivier Le Peuch, chief executive officer, SLB.
“This dual challenge requires a balance of energy affordability, energy security and sustainability. It requires a balance of innovation and decarbonisation 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 symbolises 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,” he added.
The SLB brand will build on nearly a century of technology innovation and industrialisation expertise in the energy services industry, Le Peuch stated. He pointed out that the company has spent the last three years laying the groundwork for increasing its focus on low- and zero-carbon energy technology solutions, while continuing to drive innovation, decarbonisation 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, the company said.
Following this, 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 such 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.
In addition, 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.
Delivering result-driven technology solutions
In order to leverage this progress – and guided by its brand promise to drive energy innovation – SLB said that it will focus on delivering result-driven solutions for its customers in four areas.
New energy systems, where it will focus on creating and scaling the new energy systems of tomorrow. The New Energy business will evolve to a strategic driver for the company as it forges partnerships across various industries to develop technologies across five areas: carbon solutions, hydrogen, geothermal and geo-energy, energy storage and critical minerals.
Industrial decarbonisation, which will be focused on reducing emissions, particularly from hard-to-abate industries, as this is critical to achieving net zero targets. The company recently announced plans to develop a digital sustainability platform that will provide sustainability solutions for hard-to-abate industrial sectors. It is also focused on expanding technologies and opportunities for carbon capture, utilisation, and sequestration (CCUS), which is one of the most significant levers for decarbonising multiple industries.
SLB will continue to grow its digital capabilities throughout the energy industry, as digitalisation has become a key performance and efficiency driver. The company’s customers will be able to use its 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.
Finally, the company will focus on oil and gas innovation. Building on its decades of technology advancement, SLB said that it will continue to innovate and develop 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.
“Our new identity boldly symbolises our ambition to accelerate the energy transition with sustainability at the centre of everything we do,” said Dr. Katharina Beumelburg, Chief Strategy and Sustainability Officer, SLB.
“Our new brand and strategy are built for this moment in our history. A moment that demands the need for a balanced energy system for our planet and the need to achieve and go beyond net zero to address the climate challenge. Everything we have chosen, from the shape of the logo to our new, bright blue colour, symbolises the boldness of our ambitions and ingenuity of our team to make the new energy future a reality. ’For a balanced planet’ is more than just our new tagline. It’s central to our purpose and our culture. It takes the incredible history of this world-class company, enhances it and moves it forward toward a more sustainable and net zero future,” she concluded.
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