The Future of Carbon Capture and Storage: SLB’s Commitment to Lower-Carbon Technologies

SLB to invest almost $400 million in carbon capture firm

On Thursday, Schlumberger officially rebranded as SLB, signaling their renewed commitment to lower-carbon technologies. The company aims to generate $3 billion in revenue from its new energy business by 2030, with CEO Olivier Le Peuch highlighting carbon capture and storage as a key contributor to this goal.

SLB is currently involved in tenders worth over $400 million related to carbon capture and storage (CCS), a process that captures carbon dioxide emissions from industrial operations and stores them 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 CCS in achieving global net-zero emissions by 2050 while cautioning the oil and gas industry about overreliance on the technology. Le Peuch believes that scaling CCS between 100 and 200 times in under three decades will be necessary to support net-zero objectives.

Although CCS has been around for years, its widespread deployment at a commercial scale has been challenging due to cost and logistical complexities. The IEA emphasizes the need for the industry to demonstrate the effectiveness of CCS on a large scale, noting a history of underperformance in the technology’s implementation. Heavy industries like cement manufacturing see CCS 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.

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