In October 2022, Schlumberger became SLB, a global technology company driving energy innovation for a balanced planet. Why this new brand, and why now?

SLB has a long history of pioneering technology and scientific innovation, spanning almost a century. Our focus has been on leveraging this heritage, along with our diversity and culture of excellence, to take a leading role in decarbonizing the industry. We needed a brand that better reflects who we are today—a global technology company driving energy innovation for a balanced planet. The launch of our new brand comes at a time when the world is facing an energy trilemma, which involves balancing energy affordability, energy security, and climate change. SLB is uniquely positioned to address these challenges, given our track record of technology innovation and expertise in the energy services industry. Going forward, we will utilize this expertise to drive decarbonization across the oil and gas sector while expanding our capabilities to support the decarbonization efforts of other industries. This will contribute to finding a balance in the energy trilemma and pave the way for the energy transition. We remain committed to serving our customers in the region as we have done for the past 85 years. We will continue to prioritize service quality, exceed customer expectations, and offer sustainable solutions not only to our industry but also to other industries that need to decarbonize. For our oil and gas customers, sustainable development solutions will come from digitally enabled technologies and our growing portfolio of transition technologies, which focus on reducing emissions from operations with quantifiable benefits. Additionally, we have launched our SLB New Energy portfolio, exploring low-carbon and carbon-neutral energy technologies. We are building partnerships and leveraging our technology expertise to assist other industries in reducing their emissions and expanding into energy end-use and storage sectors.

What innovative technologies are you currently exploring and deploying across your operations?

SLB sees itself as a global technology company driving energy innovation for a balanced planet. Digitalization plays a crucial role in transforming the energy sector, both in oil and gas and new energy domains. We are innovating to improve performance, achieve greater efficiencies, decarbonize the industry, and scale up clean energy systems. SLB has an extensive digital portfolio that includes cloud-based, hybrid, Edge, IoT, and AI solutions. One notable development is our DELFI cognitive E&P environment, a collaborative technology that unifies the E&P life cycle in the cloud. It is an open, secure, scalable, and fully managed platform that seamlessly connects people and data, leading to solutions across exploration, development, drilling, production, midstream, and new energy. We also operate INNOVATION FACTORI centers, which employ the latest digital solutions, AI, data science platforms, and data scientists working with domain experts to develop custom digital solutions that address challenges, improve efficiencies, and automate workflows, among other benefits.

What steps is the company taking to integrate environmental excellence into its business strategy, and what is your approach to sustainability and ESG?

Sustainability cannot be merely an add-on; it must be deeply ingrained in our strategy and operations. It is a long-term journey, and our transition to net zero is just the beginning. In 2021, we announced our 2050 net zero commitment, including Scope 3 emissions. This commitment goes beyond our direct emissions and aligns closely with our customers to drive decarbonization across the industry. We have implemented a sustainable approach at every level of our business, guided by a comprehensive framework of principles, ambition, and action, with regular progress reporting. Our sustainability strategy is built on three pillars: climate action, people, and nature. We are committed to driving the global shift towards sustainable energy production and setting challenging goals to deliver measurable social and environmental progress. We encourage our customers, suppliers, and peers to partner with us on this journey. Together, we can make significant progress in accelerating energy innovation, expanding access to energy, and supporting local and global economic development. Our sustainability efforts also contribute to the UN’s Sustainable Development Goals, and our goals are aligned with them. Leveraging our innovation capabilities, technology investments, and strategic partnerships, we engage the entire SLB organization in our drive for sustainability.

What role does SLB play in Oman’s green energy transition?

SLB is uniquely positioned to drive innovation and contribute to the global transition toward a sustainable energy mix and decarbonization for a balanced planet. Our core business allows us to make the greatest and most immediate impact by continuing to innovate in oil and gas, setting new performance benchmarks, and reducing the carbon intensity of operations. Simultaneously, we are scaling up technology solutions for energy transition and decarbonization through our newly established SLB New Energy (SNE) division. SNE focuses on areas such as geothermal power generation, hydrogen, geo-energy for heating and cooling, energy storage, and carbon capture and sequestration (CCS). We recently announced a collaboration with Oman’s Ministry of Energy and Minerals and the Oman Investment Authority to develop a national strategy for harnessing Oman’s geothermal resources. This collaboration follows an extensive project evaluating data from thousands of wells to identify geothermal prospects in the country. We are also actively engaged in discussions with the government for other transition technology projects, which will be announced in due course. Additionally, we are leveraging digital transformation as a key enabler to support the global energy system and decarbonization. Our technologies help reduce the environmental impact of oil and gas operations, such as our zero-emission well testing service that has already removed 80,000 tons of CO2, equivalent to taking 17,000 cars off the road annually. We introduced the “Ora” technology platform in 2020, enabling efficient downhole sampling and significantly reducing operation time. This service also enables downhole “Deep-Transient” testing with zero emissions. SLB’s goal is to actively contribute to Oman’s green energy transition while driving innovation and reducing environmental impact.

In what ways do you improve the In-Country Value (ICV)?

In addition to promoting human capital and local talent by increasing the Omanization rate, SLB is actively developing the local economy by prioritizing the procurement of local goods and services whenever possible. We are also pursuing partnerships and exploring ways to support the growth of local suppliers by considering the total cost of ownership when awarding contracts. This approach creates competitive advantages for local suppliers, benefiting from their proximity to our operations. We firmly believe that there is significant potential for local companies to better serve our business in Oman and other countries. To enhance the in-country value of SLB’s business in Oman, we have implemented development programs for suppliers and manufacturers, including plans to establish an assembly and testing facility to produce various equipment. Furthermore, we are expanding our in-country manufacturing capabilities to develop regional competency (ICV level II) with the potential for exporting from Oman. SLB actively seeks opportunities to service and manufacture field equipment in Oman, engaging with local community contractors (LCCs), SMEs, and other suppliers in preparation for future service delivery. Since 2011, we have invested over USD 1 billion in the local supply chain, with 20% of the local supply going to SMEs and LCCs. Our focus is on improving ICV by supporting local businesses and contributing to the economic development of Oman.