Schlumberger announces name change to SLB

Schlumberger announced its new name, SLB, a move the company said will underscore its “vision for a decarbonized energy future” and affirm its transformation from an oilfield services company to a “global technology company focused on driving energy innovation for a balanced planet.” The legacy Schlumberger brand and nearly all of its affiliated brands now exist under the new SLB brand.

“Today we face the world’s greatest balancing act — providing reliable, accessible and affordable energy to meet growing demand, while rapidly decarbonizing for a sustainable future,” said Olivier Le Peuch, Chief Executive Officer at SLB. “This dual challenge requires a balance of energy affordability, energy security and sustainability. It requires a balance of innovation and decarbonization 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 symbolizes 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.”

The name change is part of a three-year process in which the company has increased focus on low- and zero-carbon energy technology solutions, while continuing to drive innovation, decarbonization 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, setting in motion a plan for the company to expand its role in the new energy future through the development of new technologies and partnerships. 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.

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. 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.

SLB said it will focus on delivering “results-driven solutions” for its customers in four areas:

• New energy systems: With its New Energy business evolving to a strategic driver for the company, SLB will continue forging partnerships across various industries to develop technologies across five areas: carbon solutions, hydrogen, geothermal and geoenergy, energy storage and critical minerals.
• Industrial decarbonization:  Last month, SLB announced plans to develop a digital sustainability platform that will provide sustainability solutions for hard-to-abate industrial sectors. The company is also focused on expanding technologies and opportunities for carbon capture, utilization and sequestration (CCUS).
• Digital at scale: SLB recently announced the commercial release of its Enterprise Data Solution, which helps accelerate advanced workflows. This solution was built in alignment with the emerging requirements of the OSDU Technical Standard.
• Oil and gas innovation: The company will continue to build on its fit-for-basin approach, developing bespoke and custom technologies tailored for the regions and environments in which they operate.

“Our new identity boldly symbolizes our ambition to accelerate the energy transition with sustainability at the center of everything we do,” said Katharina Beumelburg, SLB Chief Strategy and Sustainability Officer. “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.”