Schlumberger Ltd. said Dec. 19 it became the first company in upstream E&P services to commit to a science-based target to reduce emissions.
The oilfield services provider submitted a commitment to setting a science-based target to reduce its greenhouse gas (GHG) emissions to the Science Based Targets initiative (SBTi).
Science-based targets in line with the latest climate science must meet the goals of the Paris Agreement, an agreement developed in 2016 focused on limiting global warming to well-below 2°C above pre-industrial levels. The SBTi champions science-based target setting as a powerful way of boosting companies’ competitive advantage in the transition to the low-carbon economy, the company release said.
Schlumberger—the world’s leading provider of technology for reservoir characterization, drilling, production and processing to the oil and gas industry—said the commitment is part of the company’s thought leadership and focus on environmental and social sustainability.
CEO Olivier Le Peuch said Schlumberger is seeking to lead “positive, measurable changes” within the industry to help reduce climate change.
“The energy industry has a key role to play in reducing the effects of climate change. ... The application of our industry-leading environmentally responsible technologies will help drive process efficiency and environmental footprint reduction,” he said in a statement.
Schlumberger will define its reduction target by 2021, according to the company release.
Recommended Reading
Buffett: ‘No Interest’ in Occidental Takeover, Praises 'Hallelujah!' Shale
2024-02-27 - Berkshire Hathaway’s Warren Buffett added that the U.S. electric power situation is “ominous.”
73-year Wildcatter Herbert Hunt, 95, Passes Away
2024-04-12 - Industry leader Herbert Hunt was instrumental in dual-lateral development, opening the North Sea to oil and gas development and discovering Libya’s Sarir Field.
APA Corp. Declares Cash Dividend
2024-02-12 - At a rate of $0.25 per share, APA’s dividend is payable May 22 to stockholders of record by April 22.
Occidental Increases Annual Dividend by 22%
2024-02-11 - Occidental Petroleum Corp.’s newly declared dividend is at an annual rate of $0.88 per share, compared to the previous annual rate of $0.72 per share.
Sunoco’s $7B Acquisition of NuStar Evades Further FTC Scrutiny
2024-04-09 - The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for Sunoco’s pending acquisition of NuStar Energy has expired, bringing the deal one step closer to completion.