Schlumberger changes name to SLB, moves to drive the future of energy

Olivier Le Peuch, Chief Executive Officer at SLB

Schlumberger announced its new name—SLB—underscoring the company’s vision for a decarbonized energy future and affirming its transformation from the world’s largest oilfield services company to a tech firm focused on driving energy innovation for a balanced planet.

Beginning today, the legacy Schlumberger brand and nearly all of its affiliated brands will become one under the new SLB brand, which introduces a refreshed visual identity, including a new logo for the company—a symbol of where it is today and where it is heading.

What were the executives’ thoughts on the milestone?

“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. 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,” said Olivier Le Peuch, Chief Executive Officer, SLB.

“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, tech and performance are unmatched, and we are ready to answer this challenge.”

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

“Everything we have chosen, from the shape of the logo to our new, bright blue color, symbolizes the boldness of our ambitions and ingenuity of our team to make the new energy future a reality. ’For a balanced planet’ is more than just our new tagline. It’s central to our purpose and our culture. It takes the incredible history of this world-class company, enhances it and moves it forward toward a more sustainable and net zero future,” Beumelburg said.

What is the market reputation of Schlumberger?

The SLB brand builds on nearly a century of technology innovation and industrialization expertise in the energy services industry. The company has spent the last three years laying the groundwork for its increasing focus on low- and zero-carbon energy tech 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 in low-carbon and carbon-neutral tech. This set in motion a years-long journey for the company to expand its role in the new energy future through the development of new tech 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.
  • In tandem with this commitment, SLB cast a portfolio of Transition Technologies™ with a quantifiable, science-based emissions reduction benefit. One example is SLB’s Zero-Flaring Well Test and Cleanup technique, which has been used by clients to reduce up to 80,000 tons of CO2 emissions—the equivalent of taking 18,000 cars off the road for a year.
  • 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.

Methane is an important industry target because its warming effect is 84 times greater than CO2 over a 20-year period and 28 times over a century. 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.

What does the future hold for SLB?

Leveraging this progress and guided by its promise to drive energy innovation for a balanced planet, SLB will focus on delivering results-driven solutions for its clients in four areas:

  • New energy systemsSLB is focusing on creating and scaling the new energy systems of tomorrow. With its New Energy business evolving to a strategic driver, SLB will continue forging partnerships across various industries to develop tech across five areas: carbon solutions, hydrogen, geothermal and geoenergy, energy storage and critical minerals.

This includes the company’s Celsius Energy business, which reduces the carbon footprint of buildings by making energy accessible, and Genvia, a clean hydrogen tech company formed as a public/private partnership with France’s renewables research agency, CEA, and others.

  • Industrial decarbonizationReducing emissions, particularly from hard-to-abate industries, is critical to achieving net zero targets. SLB is working to make an impact in this area.

Last month, it announced plans to develop a digital sustainability platform that will provide sustainability solutions for hard-to-abate industrial sectors. SLB is also focused on expanding technologies and opportunities for carbon capture, utilization and sequestration (CCUS), which is one of the most significant levers for decarbonizing multiple industries.

  • Digital at scaleDigital capabilities continue to grow throughout the energy industry and have become a key performance and efficiency driver. SLB’s clients will be able to use the firm’s products to help meet their sustainability goals by driving transparency, better measurement, more effective planning and much more impactful outcomes with integrity.

SLB recently announced the commercial release of its Enterprise Data Solution, which helps accelerate advanced workflows. This innovation was built in alignment with the emerging requirements of the OSDU™ Technical Standard, the open industry standard for energy data.

  • Oil and gas innovationBuilding on its decades of tech advancement, SLB will continue innovating new products, services and tech that make the exploration of oil and gas assets cleaner, more resilient and efficient, with lower carbon and less impact on the environment. The firm will continue to build on its fit-for-basin approach, developing bespoke and tech tailored for the regions and environments in which they operate.

Through the continued growth of digitally enabled technologies that improve efficiency and performance, its Transition Technologies portfolio and its SEES methane elimination business, SLB will provide solutions that enable its customers to increase production from their reserves at a competitive cost and low carbon intensity per barrel equivalent.