• Wed. May 29th, 2024

SLB’s Carbon Capture Push: Driving Positive Change and Scaling Up Decades to Come

BySamantha Jones

Mar 28, 2024
SLB plans to inject almost $400 million into carbon capture company

In 2022, Schlumberger rebranded as SLB to showcase its increasing focus on lower-carbon technologies. The company aims to generate $3 billion in revenue from its new energy business by the end of the decade, with CEO Olivier Le Peuch highlighting carbon capture and storage as a key driver of this target. SLB is currently involved in tenders totaling over $400 million related to carbon capture and storage.

Carbon capture involves capturing carbon dioxide emissions from industrial processes and storing them deep underground. Aker Carbon Capture has developed a method that uses water and organic amine solvents to absorb carbon dioxide emissions. The International Energy Agency has emphasized the importance of carbon capture in achieving net-zero emissions globally by 2050, cautioning against overreliance on the technology within the oil and gas industry.

Le Peuch stated that carbon capture and storage will need to significantly scale up in the coming decades to support net-zero goals. The technology can help reduce emissions in hard-to-decarbonize industries such as cement manufacturing, as Aker Carbon Capture’s process can be applied across various sectors. Despite existing for years, the industry has faced challenges deploying carbon capture technology at a commercial scale due to its cost and complexity.

The IEA has stressed the need for the industry to prove that carbon capture and storage can operate effectively at scale, highlighting its history of underperformance. As efforts to address climate change intensify, carbon capture continues to be seen as a crucial tool for reducing emissions in challenging sectors.

SLB’s stock remained stable during early trading on Thursday, reflecting investor confidence in the company’s focus on lower-carbon technologies.

In conclusion, SLB is well positioned to benefit from the growing demand for low-carbon solutions through its focus on energy transition and investment in innovative technologies like carbon capture and storage (CCS). With CEO Olivier Le Peuch leading from the front, SLB is committed to driving positive change towards a more sustainable future while also generating significant revenue growth opportunities for shareholders.

By Samantha Jones

As a content writer at newsnnk.com, I weave words into captivating stories that inform and engage our readers. With a passion for storytelling and an eye for detail, I strive to deliver high-quality and engaging content that resonates with our audience. From breaking news to thought-provoking features, I am dedicated to providing informative and compelling articles that keep our readers informed and entertained. Join me on this journey as we explore the world through the power of words.

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