Linde and SLB Collaborate on Carbon Capture and Sequestration

Rhea-AI Summary

Linde and SLB announced a strategic collaboration on carbon capture, utilization, and sequestration (CCUS) projects on October 31, 2022, aimed at accelerating decarbonization across industrial and energy sectors.

This partnership combines extensive expertise in CO₂ capture and sequestration, innovative technologies, and project execution capabilities, with a focus on hydrogen and ammonia production and natural gas processing. CCUS is crucial for achieving net-zero emissions by 2050, requiring over 6Gt of CO₂ to be abated annually, according to the IEA.

Positive

• Strategic collaboration positions Linde and SLB as leaders in carbon capture, utilization and sequestration (CCUS) projects.
• Combines expertise in CO₂ capture with innovative technology, enhancing potential market reach.
• Supports the growth of low-carbon energy products, aligning with global decarbonization goals.

Negative

• None.

WOKING, UK / ACCESSWIRE / October 31, 2022 / Linde (NYSE:LIN)(FWB:LIN) and SLB (NYSE:SLB) announced today that they have entered into a strategic collaboration on carbon capture, utilization and sequestration (CCUS) projects to accelerate decarbonization solutions across industrial and energy sectors. The collaboration will combine decades of experience in carbon dioxide (CO ₂ ) capture and sequestration; innovative technology portfolios; project development and execution expertise; and engineering, procurement and construction (EPC) capabilities.

CO ₂ is found or produced in many industrial and energy applications. This collaboration will focus on hydrogen and ammonia production, where CO ₂ is a by-product, and in natural gas processing. CCUS abates the emissions from these energy-intensive industries, creating new low-carbon energy sources and products. The International Energy Agency (IEA) estimates[i] that over 6Gt of CO ₂ per year will need to be abated with CCUS in order to reach net zero by 2050.

"CCUS is vital in creating the decarbonized energy systems our planet needs to balance energy demand with climate objectives," said Olivier Le Peuch, Chief Executive Officer, SLB. "We are excited about this collaboration with Linde to develop CCUS projects and support the growth of low-carbon energy products from conventional energy sources."

"Carbon capture and storage will be a key lever for tackling global warming," said Sanjiv Lamba, Chief Executive Officer, Linde. "We are committed to helping customers decarbonize their operations in a cost-effective way. With SLB, we are able to offer technology-driven solutions - from execution of complex EPC projects through to ensuring reliable and safe long-term storage."

Linde and SLB have been working on decarbonization opportunities for over a year already. Using their global footprint across multiple sectors and industries, the collaboration will expand customer reach and will focus on designing business and operating models that maximize value for all stakeholders.

About Linde

Linde is a leading global industrial gases and engineering company with 2021 sales of $31 billion (€26 billion). We live our mission of making our world more productive every day by providing high-quality solutions, technologies and services which are making our customers more successful and helping to sustain and protect our planet.

The company serves a variety of end markets including chemicals & energy, food & beverage, electronics, healthcare, manufacturing, metals and mining. Linde's industrial gases are used in countless applications, from life-saving oxygen for hospitals to high-purity & specialty gases for electronics manufacturing, hydrogen for clean fuels and much more. Linde also delivers state-of-the-art gas processing solutions to support customer expansion, efficiency improvements and emissions reductions.

For more information about the company and its products and services, please visit www.linde.com

About SLB

SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day to decarbonize oil and gas and develop scalable new energy technologies to accelerate the energy transition. Find out more at slb.com.

Contacts:

Investor Relations
Juan Pelaez, Linde
Phone: +1 203 837 2213
Email: juan.pelaez@linde.com

Media Relations
Anna Davies, Linde
Phone: +44 1483 244705
Email: anna.davies@linde.com

Investor Relations
Ndubuisi Maduemezia, SLB
Joy V. Domingo, SLB
Phone: +1 (713) 375-3535
Email: investor-relations@slb.com

Media Relations
Moira Duff, SLB
Phone: +1 (713) 375-3407
Email: media@slb.com

^{[i]IEA (2022), World Energy Outlook 2022 IEA, Paris https://www.iea.org/reports/world-energy-outlook-2022}

^{SOURCE: Linde plc}

View source version on accesswire.com:
https://www.accesswire.com/723043/Linde-and-SLB-Collaborate-on-Carbon-Capture-and-Sequestration

FAQ

What is the collaboration between LIN and SLB about?

Linde and SLB's collaboration focuses on carbon capture, utilization, and sequestration (CCUS) to accelerate decarbonization in industrial and energy sectors.

When was the Linde and SLB CCUS announcement made?

The joint announcement was made on October 31, 2022.

How will the LIN and SLB partnership impact carbon emissions?

The collaboration aims to significantly reduce carbon emissions, supporting the abatement of over 6Gt of CO₂ annually to meet net-zero goals by 2050.

What sectors will benefit from the LIN and SLB collaboration?

The collaboration will benefit sectors involved in hydrogen and ammonia production as well as natural gas processing.

What are the expected outcomes of the LIN and SLB CCUS projects?

The projects are expected to create low-carbon energy sources and products while enhancing operational efficiency in energy-intensive industries.