Schlumberger Rebrands as SLB to Drive the Future of Energy

Technology giant Schlumberger has announced its rebranding to SLB. By incorporating a present-day vision, the company aims to continue driving the energy transition in the oil and gas sector. The company's new approach will focus on four areas: new energy systems, industrial decarbonization, digital at scale, and oil and gas innovation.

The Schlumberger brand legacy as well as some of its related brands will be merged under the new SLB brand. The company's rebranding reflects its evolution from the world's largest oil field services company to a global technology company committed to achieving a more balanced planet through best practices, technology, innovation and new commitments.

SLB has emphasized that one of the world's most pressing problems is the transformation of its energy mix to satisfy demand safely and reliably, while pursuing programs destined to achieve a lower-carbon future. The company emphasizes that balancing the energy mix and climate action is a difficult but necessary task. SLB believes that significant progress can be achieved through bold ideas, investments and commitments as well as fomenting a new culture of action and collaboration.

SLB's new vision is based on the carbon curve, which encompasses the company's carbon budget, the carbon overshoot and its targets.

The carbon budget takes into consideration the number of emissions left to keep global temperatures from climbing above 1.5 °C.  Due to the current landscape, the budget is expected to be depleted in 2029. The carbon overshoot is the carbon that will be produced between 2030 and 2050 outside the budget cap. Meanwhile, the company's goal is to continue net negative carbon efforts after 2050. To achieve this, significant carbon capture and sequestration operations are required. SLB stressed the three variables of the carbon curve are key to its strategy as they will accelerate its green path.

“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. 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,” said Olivier Le Peuch, CEO of SLB.

Path to Rebranding

The SLB brand has more than 100 years of experience in technological innovation and industrialization. For the past three years, the company has focused on laying the foundation for further advancing low- and zero-carbon technology solutions and leading decarbonization and innovation efforts in the oil and gas industry.

In 2020, SLB introduced the New Energies business, which focuses on pursuing partnerships and opportunities in low-carbon and carbon-neutral technologies. In 2021, the company committed to achieving a net-zero target, including all Scope 3 emissions from its technologies. This initiative was the first by a company in the energy services sector. In addition, it introduced a portfolio of Transition TechnologiesTM with benefits for emissions reduction.

In 2022, SLB’s end-to-end Emissions Solution for reducing methane emissions was launched. In the same year, the company joined the "Aiming for Zero Methane Emissions Initiative" to significantly reduce emissions.

SLB’s New Focus

The company stressed that to meet current demand and drive energy innovation, it will focus its solutions on four areas:

1. New Energy Systems

The company intends to continue to innovate in carbon energy systems, hydrogen, geothermal and geoenergy, energy storage and critical minerals solutions through partnerships gained by its New Energy business. The new area will also include the Celsius Energy business, which reduces the ecological footprint of buildings, and Genvia, a hydrogen-based clean technology company.

2. Industrial Decarbonization

The company has announced it will provide a digital sustainability platform designed to give sustainability solutions for hard-to-abate industries. The organization will also introduce new technologies and prospects for carbon collection, usage and sequestration.

3. Digital at Scale

The company will continue to offer digital products and services to help clients achieve their sustainability goals, ensuring transparency, better metrics and planning. For instance, SLB's Enterprise Data Solution will speed advanced workflows.

4. Oil and Gas Innovation

SLB will continue to innovate solutions for cleaner, more resilient and efficient oil and gas assets. These solutions will be tailored to the environments in which they operate, ensuring that customers’ specific needs are met. Through enhancements to its Transition Technologies portfolio and its SEES methane emissions business, the company also aims to increase production for customers at competitive costs.

“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. 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,” said Dr. Katharina Beumelburg, Chief Strategy and Sustainability Officer at SLB.

SLB is a technology company that partners with customers to access energy. With people representing over 160 nationalities, in more than 120 countries, who provide leading digital solutions and deploy innovative technologies to enable performance and sustainability for the global energy industry.