Schlumberger announced on Oct. 24 its rebrand to the name SLB. Through the name change, the company hopes to signal a shift from being known as the world's largest oilfield services company to an energy transition-focused global technology company, according to an SLB press release.
As of Oct. 24, nearly all affiliated Schlumberger brands will unify under the SLB brand, which includes an updated logo.
"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," CEO Olivier Le Peuch said in the release. "It’s a bold challenge. But the legacy of our people, technology and performance are unmatched, and we are ready to answer this challenge.”
Hoping to build on the energy transition progress it's made within the past few years, including the 2020 launch of its New Energy business and the release of its Transition Technologies portfolio, SLB's rebranding will reflect its continued dedication to decarbonization and innovation within the energy industry.
SLB became the first energy services company to announce its net-zero target in 2021, which include reducing Scope 1 and 2 emissions by 30% by 2025, reducing Scope 1 and 2 emissions by 50% and Scope 3 emissions 30% by 2030 and achieving net-zero by 2050 with minimal reliance on offsets.
Additionally, the company introduced the SLB End-to-end Emissions Solutions business earlier in 2022, as well as joined the Oil and Gas Climate Initiative's "Aiming for Zero Methane Emissions Initiative," both of which work to eliminate methane emissions from oil and gas operations.
“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,” Le Peuch said. “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."
Moving forward, SLB will focus on four areas of expertise for delivering solutions to its customers: new energy systems, industrial decarbonization, digital at scale and oil and gas innovation. Through these initiatives, the company will place an emphasis on scaling up new energy systems, reducing emissions and developing digital products and services.
“Our new identity boldly symbolizes our ambition to accelerate the energy transition with sustainability at the center of everything we do,” chief strategy and sustainability officer Dr. Katharina Beumelburg, added.
“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," she continued.
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