Schlumberger, the world’s largest oilfield services provider, announced its new name – SLB – focusing on decarbonized energy future.
The nearly 100-year-old firm, originally named after its founding family, has become a giant in oilfield services and equipment such as drilling and subsurface analysis. But it has shed old line products and recast itself as a digital services provider and supporter of cleaner energies.
The rebranding is not a shift away from fossil fuels, Chief Executive Officer Olivier Le Peuch said in an interview. But it is a nod to how the renamed SLB can apply its skills to develop lower carbon businesses, many of which received a financial boost from the U.S. Inflation Reduction Act.
SLB adopts a lighter blue color and swooping logo that reflects what Le Peuch said signifies the carbon dioxide emissions abatement curve.
In 2020, it launched a New Energies business unit to explore low-carbon and carbon neutral technologies, and last year set a corporate net-zero target, which includes Scope 3 emissions, or those created by customers using its products.
Many of its oil producing customers also are moving to embrace hydrogen and other renewable fuels, and low-carbon production techniques to cut greenhouse gas emissions.