Schlumberger Limited - SLB STOCK NEWS

TotalEnergies (TTE) and SLB have announced a collaboration to develop innovative subsurface digital solutions to enhance sustainable hydrocarbon production and support geological carbon storage. This partnership will leverage both companies' expertise in operational and software development to create next-generation cloud-based tools that improve subsurface modeling and optimize production with reduced carbon intensity.

Additionally, TotalEnergies will solarize SLB's industrial sites in Oman, UAE, and Japan, providing bespoke energy solutions to support SLB's energy transition. This initiative aligns with TotalEnergies' strategy of 'More energy, less emissions, more value,' aiming to make industrial operations more sustainable while delivering competitive cost benefits.

Both companies emphasize the importance of collaboration and knowledge sharing to advance digital capabilities and enhance efficiency in the energy sector.

SLB and TotalEnergies have announced a 10-year partnership to develop and deploy scalable digital solutions aimed at enhancing energy resource access, performance, and efficiency. The collaboration will focus on integrating advanced digital capabilities, such as artificial intelligence, with SLB's Delfi™ digital platform, adhering to the OSDU® Technical Standard. The partnership will initially target subsurface digital solutions for reservoir engineering and geoscience modeling, leveraging real-world learnings from both companies. This co-development aims to benefit TotalEnergies' global operations and SLB's worldwide customer base, addressing key challenges across the energy value chain, including carbon capture, utilization, and sequestration (CCUS). The combined expertise of both companies is expected to accelerate the delivery of new digital capabilities for the entire industry.

SLB (NYSE: SLB) released its annual report on payments to governments for the year ending December 31, 2023, as required by the French Commercial Code. The report details payments in Morocco, the United Kingdom, and the United States related to SLB's extractive activities. Significant payments include $4.77 million in Morocco, $234.7 thousand in the United Kingdom, and $652.1 thousand in the United States. These payments encompass taxes, licenses, and fees, with Morocco showing the highest total payments primarily due to barite mining operations. The report adheres to regulations by converting all foreign payments to USD and excluding payments under EUR 100,000.

SLB has secured a contract from Equinor for the front-end engineering design of a 12-well, all-electric Subsea Production Systems (SPS) project at the Fram Sør field, offshore Norway. This project aims to fast-track the global adoption of electric subsea technology, enhancing operator control, efficiency, and reducing emissions. It is the first project from a joint industry initiative started in 2018 to develop standardized subsea electrification solutions. The project will utilize SLB OneSubsea’s standardized subsea tree design with upgraded electrified power and control systems, eliminating high-pressure hydraulics, thus enabling deeper and more efficient operations.

SLB (NYSE: SLB) has announced it will hold a conference call on July 19, 2024, to discuss its second-quarter results ending June 30, 2024. The call will begin at 9:30 am US Eastern time, with a press release issued at 7:00 am US Eastern time.

Listeners in North America can join by dialing +1 (844) 721-7241, while those outside can use +1 (409) 207-6955, using access code 8858313. A webcast will also be available at www.slb.com/irwebcast. A replay will be accessible until August 19, 2024, by dialing +1 (866) 207-1041 in North America or +1 (402) 970-0847 outside, with access code 1906897.

SLB and Aker Carbon Capture (ACC) have finalized their joint venture aimed at accelerating the adoption of carbon capture technologies across various industries. This new entity merges SLB's and ACC's technological portfolios to enhance industrial decarbonization efforts. The venture combines ACC's Advanced Carbon Capture™ technologies, like Just Catch™ and Big Catch™, with SLB's non-aqueous solvent and sorbent-based solutions. Currently, seven projects are in progress, with a combined capacity to capture 1 million tonnes of CO2 annually. SLB holds an 80% stake in the venture, headquartered in Oslo, with ACC owning the remaining 20%.

SLB OneSubsea has been awarded a significant contract by Equinor for the second stage of Phase 3 of the Troll project in the North Sea. This contract builds on an existing long-term agreement and aims to accelerate the production of about 55 billion standard cubic meters of gas. SLB OneSubsea will employ North Sea compliant, configurable equipment for standardized subsea production systems. The expanded scope includes nine vertical trees, wellheads, tubing hangers, control modules, bridge modules, templates, topside controls integration, and umbilicals. This move solidifies SLB's position as a key supplier to Equinor.

SLB OneSubsea and Subsea7 have been awarded an integrated contract by OKEA for the development of the Bestla Project in the North Sea. The project aims to accelerate subsea tieback delivery to aging platforms for profitable and sustainable marginal field development. The contract involves the delivery of a subsea production system and installation of flowline systems, spools, and protection measures by the partnership. The field is estimated to contain 24 million barrels of oil equivalent, with first oil targeted for Q4 2026.

SLB has signed a long-term strategic collaboration agreement with Equinor ASA and the Subsea Integration Alliance for the Wisting field and Bay Du Nord projects. The agreement focuses on early engagement, technology innovation, and collaborative benefits to unlock more subsea projects economically. This partnership solidifies OneSubsea and Subsea7's positions as trusted contractors to Equinor, with immediate work commencing on concept studies for the projects.