SLB, formerly known as Schlumberger, has recently announced its rebranding efforts and a commitment to 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 contributor to this target.
Despite being around for years, the widespread deployment of carbon capture at a commercial scale has been challenging due to cost and logistical complexities. The International Energy Agency (IEA) emphasized the need for the industry to demonstrate the effectiveness of carbon capture and storage on a large scale, noting that underperformance in technology implementation has been a history. Heavy industries like cement manufacturing see carbon capture as a promising solution to reducing emissions in hard-to-decarbonize sectors.
One company that is actively involved in tenders worth over $400 million related to carbon capture and storage is Aker Carbon Capture. They have developed a method using a solution of water and organic amine solvents to absorb carbon dioxide emissions. Aker Carbon Capture believes their method can be applied across various industries, including gas, coal, cement, and refineries.
The IEA stressed the importance of carbon capture in achieving global net-zero emissions by 2050 while urging caution to the oil and gas industry about excessive reliance on technology. Le Peuch mentioned that scaling carbon capture and storage between 100 and 200 times in under three decades will be necessary to support net-zero objectives. In summary, SLB’s commitment to lower-carbon technologies is essential in achieving global net-zero emissions by 2050 through carbon capture and storage solutions like those developed by Aker Carbon Capture.
