Schlumberger Puts Carbon Capture at the Forefront of Energy Transition with Net-Zero Target

Carbon capture and storage has become a focus for Schlumberger, now known as SLB, as the company aims to generate $3 billion in revenue from its new energy business by 2030. The company’s CEO, Olivier Le Peuch, emphasized carbon capture as a key driver of this target and noted that the technology will need to scale up significantly to support net-zero goals.

Aker Carbon Capture has developed a method for capturing carbon dioxide emissions using water and organic amine solvents. This technology has been praised by the International Energy Agency (IEA) as an important tool for achieving net-zero emissions globally by 2050. However, the IEA also cautioned against overreliance on carbon capture within the oil and gas industry.

The cost and complexity of deploying carbon capture technology at a commercial scale have posed challenges for the industry. Despite existing for years, it has struggled to prove its effectiveness on a large scale. As efforts to address climate change intensify, however, carbon capture continues to be seen as a crucial tool for reducing emissions in challenging sectors like cement manufacturing.

SLB is currently involved in tenders worth over $400 million related to carbon capture and storage. The company’s focus on this area reflects its increasing commitment to lower-carbon technologies and its goal of being at the forefront of the energy transition.