SLB Emphasizes Commitment to Lower-Carbon Technologies through Carbon Capture and Storage

Schlumberger is now known as SLB, and they are emphasizing their commitment to lower-carbon technologies. The company aims to generate $3 billion in revenue from its new energy business by the end of the decade, with carbon capture and storage being a key contributor to this target. SLB is actively involved in tenders worth over $400 million related to carbon capture and storage, which involves capturing carbon dioxide from industrial operations and storing it underground.

Aker Carbon Capture has developed a method using a solution of water and organic amine solvents to absorb carbon dioxide emissions. The International Energy Agency (IEA) has stressed the importance of carbon capture in achieving global net-zero emissions by 2050 while urging caution to the oil and gas industry about excessive reliance on the technology. IEA emphasized that scaling carbon capture and storage between 100 and 200 times in under three decades will be necessary to support net-zero objectives.

Carbon capture has been around for years, but its widespread deployment at a commercial scale has been challenging due to cost and logistical complexities. IEA emphasized the need for the industry to demonstrate the effectiveness of carbon capture and storage on a large scale, noting a history of underperformance in the technology’s implementation. Heavy industries like cement manufacturing see carbon capture as a promising solution to reducing emissions in hard-to-decarbonize sectors. Aker Carbon Capture believes its method can be applied across various industries, including gas, coal, cement, and refineries.

In conclusion, SLB is committed to lower-carbon technologies and aims to generate $3 billion in revenue from its new energy business by 2030 through carbon capture and storage. While there are challenges associated with widespread deployment at a commercial scale, heavy industries see it as a promising solution for reducing emissions in hard-to-decarbonize sectors. Aker Carbon Capture has developed an effective method that can be applied across various industries to reduce carbon emissions.