In 2022, Schlumberger rebranded as SLB to showcase its increasing focus on lower-carbon technologies. The company aims to generate $3 billion in revenue from its new energy business by the end of the decade, with CEO Olivier Le Peuch highlighting carbon capture and storage as a key driver of this target. SLB is currently involved in tenders totaling over $400 million related to carbon capture and storage.
Carbon capture involves capturing carbon dioxide emissions from industrial processes and storing them deep underground. Aker Carbon Capture has developed a method that uses water and organic amine solvents to absorb carbon dioxide emissions. The International Energy Agency has emphasized the importance of carbon capture in achieving net-zero emissions globally by 2050, cautioning against overreliance on the technology within the oil and gas industry.
Le Peuch stated that carbon capture and storage will need to significantly scale up in the coming decades to support net-zero goals. The technology can help reduce emissions in hard-to-decarbonize industries such as cement manufacturing, as Aker Carbon Capture’s process can be applied across various sectors. Despite existing for years, the industry has faced challenges deploying carbon capture technology at a commercial scale due to its cost and complexity.
The IEA has stressed the need for the industry to prove that carbon capture and storage can operate effectively at scale, highlighting its history of underperformance. As efforts to address climate change intensify, carbon capture continues to be seen as a crucial tool for reducing emissions in challenging sectors.