What Is SLB Doing for Sustainability? Key Initiatives and Impact Explained
SLB: From Oilfield Services Giant to Clean Energy Innovator
SLB, formerly Schlumberger, is undergoing a remarkable transformation. The company, a long-standing giant in the oilfield services sector, has committed to achieving net-zero greenhouse gas emissions by 2050. This commitment extends beyond its own operations, encompassing customer emissions and proactive carbon-negative initiatives. SLB isn’t just paying lip service to sustainability; it’s actively investing in, partnering with, and developing technologies that are reshaping the energy landscape. The company’s commitment is reinforced by allocating capital to 55 high-impact sustainability projects in 2023 alone. This article dives into SLB’s strategic investments, key partnerships, and technological advancements, offering a glimpse into its ambitious plans to become a technology company driving the future of energy. This commitment is not without challenges, but its strategic approach, focusing on billion-dollar business opportunities within its New Energy unit, demonstrates a serious intent to be a major player in the energy transition.
Investments Fueling a Sustainable Future
SLB’s financial commitment to sustainability is evident in its strategic investments across diverse clean energy technologies. These investments, targeting innovative solutions, position SLB at the forefront of the energy transition.
Table: SLB’s Strategic Investments in Clean Energy Technologies
| Partner / Project | Time Frame | Details and Strategic Purpose | Source |
|---|---|---|---|
| John Cockerill Hydrogen | 2024 | SLB led a €230 million capital funding round to expand John Cockerill Hydrogen’s electrolyzer production capacity, supporting the growth of green hydrogen production. | John Cockerill to raise 230m€ of equity from strategic partner SLB … |
| ILiAD | 2024 | SLB invested in ILiAD to utilize its technology for sustainably producing lithium from brine at scale, addressing the growing demand for lithium in battery production. | ILiAD Successfully Finalizes Funding Round With SLB Investment |
| RayGen | 2024 | SLB invested US$20 million in RayGen’s Series D funding round to scale up its solar and thermal storage technology, providing on-demand clean energy solutions. | Media release: RayGen launches Series D with US$20m SLB follow … |
| ZEG Power | 2022 | SLB invested in ZEG Power to scale up its ZEG ICC™ technology for clean hydrogen production from hydrocarbons, promoting cleaner hydrogen production methods. | | 2022 Investor Highlights – Archive | SLB |
| EnerVenue | 2021 | SLB invested in EnerVenue to access the stationary energy storage market through its metal-hydrogen battery technology, enhancing energy storage capabilities. | Schlumberger New Energy Enters into Agreement with EnerVenue … |
Strategic Alliances for a Sustainable Energy Ecosystem
SLB understands that collaboration is key to accelerating the energy transition. The company has forged strategic partnerships with industry leaders and innovative startups to develop and deploy cutting-edge sustainability solutions. These alliances span across various domains, from digital platforms to sustainable mining practices, reinforcing SLB’s commitment to a holistic approach to sustainability.
Table: SLB’s Strategic Partnerships for Sustainability
| Partner / Project | Time Frame | Details and Strategic Purpose | Source |
|---|---|---|---|
| Star Energy Geothermal | 2025 | SLB and Star Energy Geothermal collaborated to develop and deploy technologies for subsurface characterization, drilling, and geothermal energy production, enhancing geothermal energy extraction. | SLB and Star Energy Geothermal announce technology collaboration |
| TotalEnergies | 2024 | SLB and TotalEnergies announced a 10-year partnership to develop next-generation digital solutions addressing challenges across the energy value chain, including carbon capture, utilization, and storage (CCUS). | SLB and TotalEnergies Announce 10-Year Partnership to … |
| Aker BP | 2024 | SLB and Aker BP formed a long-term partnership to co-develop an AI-driven digital platform to accelerate innovation and deliver substantial performance improvements in E&P operations. | SLB, Aker BP partner to develop, deploy AI-driven digital platform for … |
| Gradiant | 2023 | Gradiant partnered with SLB and an Australian global mining company to recover valuable metals like lithium, nickel, and cobalt, promoting sustainable mining practices. | Gradiant Enhances Sustainability in Mining Through Key Partnerships |
| Aramco | 2022 | SLB and Aramco partnered to develop a digital platform for sustainability solutions, initially focusing on hard-to-abate industrial sectors. | Schlumberger and Aramco to Collaborate on Digital Sustainability … |
Sustainability Solutions Gaining Ground Across Industries
SLB’s sustainability efforts span a multitude of industries, showcasing the versatility and increasing necessity of clean technologies. Their collaboration with Gradiant in the mining sector, targeting the recovery of valuable metals, highlights the potential for sustainable practices in traditionally environmentally intensive industries. Moreover, the development of a digital sustainability platform, in partnership with Aramco, designed for hard-to-abate industrial sectors, demonstrates the adaptability of digital solutions in achieving sustainability goals across diverse industries. These applications illustrate that sustainability is no longer a niche concern but a widespread necessity.
A Global Footprint in the Greener Energy Landscape
SLB’s partnerships reflect a global commitment to sustainability. The partnership with Star Energy Geothermal in Asia signals a focus on advancing geothermal energy in the region. Collaborations with European companies, such as TotalEnergies, and with Netherlands based Twence, indicate a strong presence and investment in European clean energy initiatives. The digital sustainability platform co-developed with Aramco, addresses environmental issues specific to the Middle East. This global distribution demonstrates SLB’s adaptability and commitment to driving sustainability on a worldwide scale.
From Emerging Technologies to Commercial Readiness
SLB’s investments and product launches offer valuable insights into the maturity of various clean energy technologies. The launch of the SLB Capturi modular carbon capture plant in the Netherlands signifies the commercial readiness of carbon capture technologies. The success with sustainable lithium production, including reduced water usage, highlights the progress in making lithium extraction more environmentally friendly. Collaborations with NVIDIA to develop generative AI solutions demonstrate emerging trends in the energy sector. The portfolio of Transition Technologies™ helps decarbonize customer operations and minimize carbon emissions. These projects span the spectrum from pilot projects to commercial applications, highlighting the diverse stages of technology maturity within SLB’s sustainability portfolio.
A Vision for a Sustainable Future
SLB’s recent activities paint a clear picture: the company is not just adapting to the energy transition but actively shaping it. The company’s focus on further development and scaling of new energy systems, including geothermal, hydrogen, CCUS, and energy storage, confirms its commitment to a diversified clean energy portfolio. The planned expansion of the digital sustainability platform signals a move towards data-driven sustainability solutions across various industries. SLB’s strategic investments, collaborative partnerships, and technological innovations position it as a key player in the ongoing shift towards a cleaner, more sustainable energy future. SLB’s continued progress towards its 2050 net-zero emissions target will be a key indicator of its long-term commitment and success in this evolving landscape.
Frequently Asked Questions
What is SLB’s commitment to sustainability?
SLB is committed to achieving net-zero greenhouse gas emissions by 2050. This commitment extends beyond its own operations, encompassing customer emissions and proactive carbon-negative initiatives. They are investing in, partnering with, and developing technologies to reshape the energy landscape.
What are some of the key areas SLB is investing in for clean energy?
SLB is making strategic investments in diverse clean energy technologies including green hydrogen production, sustainable lithium production, solar and thermal storage, clean hydrogen production from hydrocarbons, and stationary energy storage.
Who are some of SLB’s key partners in sustainability initiatives?
SLB has formed strategic partnerships with companies like Star Energy Geothermal, TotalEnergies, Aker BP, Gradiant, and Aramco to develop and deploy cutting-edge sustainability solutions across various domains.
What kind of sustainability solutions is SLB deploying across different industries?
SLB is involved in solutions ranging from sustainable mining practices with metal recovery, to the development of digital sustainability platforms for hard-to-abate industrial sectors. They also offer the SLB Capturi modular carbon capture plant and Transition Technologies™ to decarbonize customer operations.
What is SLB’s vision for the future of energy?
SLB envisions a future where it plays a key role in the energy transition through further development and scaling of new energy systems, including geothermal, hydrogen, CCUS, and energy storage. They also plan to expand their digital sustainability platform to provide data-driven solutions across various industries, progressing towards their 2050 net-zero emissions target.
