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.
Eni has made a gas and condensate discovery in the Mahani exploration prospect located onshore in the Area B Concession of Sharjah (UAE) on Jan. 27, which was awarded to Eni in the first International Competitive Exploration Licensing Round conducted by the Petroleum Council of Sharjah.
The new recoverable resource estimate, which jumped by 2 Bboe, excludes the Uaru discovery.
Companies added three oil rigs in the week to Jan. 24, bringing the total count to 676, energy services firm Baker Hughes Co. said in its weekly report.