Schlumberger Limited: Defining and Driving High Performance, Sustainably

As a leading energy service company, Schlumberger is committed to being at the forefront of the industry’s shift toward more sustainable energy production—delivering both measurable social and environmental progress. This translates into making measurable strides to accelerate innovation in energy transition and achieving these goals in a way that contributes to energy access and economic development with both a global and local lens.

“We choose to play a key role in helping the world meet future energy demand as we continue developing solutions to address climate change,” says CEO Olivier Le Peuch. “With our strength in technology innovation, and the determination and optimism of our people, we create amazing technology that unlocks access to energy for the benefit of all.”

Full details of environmental, social, and governance (ESG) performance and achievements are disclosed in the report. Some of the highlights include:

Defining and Driving High Performance, Sustainably
Setting a 2050 net-zero greenhouse gas emissions commitment that includes the entire value chain.
Getting to Net Zero by 2050 is a commitment Schlumberger announced in June 2021, aligned with the Paris Agreement ambition of limiting global warming to 1.5 degC. The 2050 target is supported by a comprehensive near-term road map with interim milestones in 2025 and 2030. The ambitions are grounded in climate science, with formal external validation of the 2030 target through the Science Based Targets Initiative. A 19% absolute reduction in Scope 1 and 2 emissions from the 2019 baseline has already been achieved.

“Schlumberger has taken a comprehensive assessment of emissions across all 3 Scopes, from their operations all the way through the value chain, to set science aligned, absolute emission reduction targets based on the most robust available methodologies,” says William Theisen, Head of Net Zero – Decarbonization, Atos North America. “These targets will drive strategy, demonstrating how Schlumberger takes responsibility for their own emissions while also influencing partners and enabling customers to decrease their own environmental impacts.”

Launching the Transition Technology portfolio, which will contribute to reducing oil and gas operator emissions
Technology use emissions account for 75% of Schlumberger’s total CO2 footprint – representing the largest category of Scope 3 emissions. Coinciding with the net-zero announcement, Schlumberger launched the Transition Technologies portfolio, which will be a key enabler to customer decarbonization efforts. The portfolio addresses a range of sustainability attributes that support the UN Sustainable Development Goals (STDGs) where technologies can have an impact, with a strong focus on emissions reduction.
Investing in energy transition
2020 saw the announcement of the Schlumberger New Energy portfolio to explore new businesses in low-carbon or carbon-neutral energy technologies – which will provide significant long term growth opportunities. Today, New Energy activities include ventures in the domains of lithium, hydrogen, carbon capture, geoenergy, and geothermal.
The best health and safety performance on record
With the COVID-19 pandemic at the forefront of decisions made in 2020 and 2021, Schlumberger demonstrated global efforts focused on putting people and safety at the center of everything they do—a representation of sustainability in action.
Defining and Driving High Performance, Sustainably
A continued focused on diversity, inclusion and belonging
“People First” is the first element of corporate strategy reinforcing commitment to creating a culture of belonging. For decades, Schlumberger has a stated ambition of maintaining a workforce nationality mix that is aligned to geographical revenue mix. The organization is also on track to reach their interim milestone of 25% women in its salaried workforce by 2025. The next milestone of 30% by 2030 has already been set to ensure continual progression. 45% of STEM hires in 2020 were women.
Schlumberger’s sustainability focus for the near-to-medium term has three components which are fully aligned with the UN SDGs:

Defining and Driving High Performance, Sustainably
Taking Climate Action – SDG 7 and 13
“I strongly believe that we must all be committed to a net-zero future to avoid the worst effects of climate change,” says Chief Strategy & Sustainability Officer Katharina Beumelburg. “The oil and gas sector has a critical role to play in the transition, which makes building a more efficient and sustainable industry the business imperative for the coming decade.” “Taking Climate Action” reinforces Schlumberger’s commitment to getting to net zero by decarbonizing the oil and gas value chain and investing in low-carbon energy.
Creating Opportunity – SDG 8 and 10
As part of the fit-for-basin strategy Schlumberger will leverage local capabilities to develop customized applications of technologies to meet customer needs that are country and region specific, as well as attracting, developing, motivating, and retaining a highly competent and diverse workforce.
Empowering Local Teams
One size does not fit all when it comes to sustainable development and addressing the climate challenge. By “Empowering Local Teams” Schlumberger teams can focus on the environmental and social priorities that are most impactful to local stakeholders.