Welcome to our dedicated page for Schlumberger news (Ticker: SLB), a resource for investors and traders seeking the latest updates and insights on Schlumberger stock.
Overview of Schlumberger (SLB)
Schlumberger (SLB) is a global oilfield technology and services powerhouse known for its advanced reservoir engineering, drilling technology, and digital solutions. With operations in over 85 countries, the company has established itself as a comprehensive provider across the entire hydrocarbon production chain, from exploration and reservoir characterization to well construction, production enhancement, and integrated pipeline solutions.
Core Operations and Services
At its core, SLB delivers an extensive suite of products and services that address the complex challenges encountered during hydrocarbon recovery. Technology for reservoir characterization is combined with state‐of‐the‐art drilling and integrated production solutions to optimize reservoir performance. By emphasizing precision and efficiency, the company aids oil and gas operators in maximizing extraction while meeting strict operational performance standards.
Technological Innovation and Digital Solutions
SLB is recognized for its commitment to innovation, continuously investing in digital technologies that transform traditional oilfield practices. The integration of digital innovations into field operations enhances data acquisition, real-time monitoring, and predictive analytics, enabling smarter decision-making. This digitalization, when combined with traditional engineering expertise, provides a robust framework for improved reservoir performance and streamlined well construction operations.
Integrated Product and Service Offerings
What sets SLB apart is its ability to offer an integrated suite of services. The company acts as a one‐stop solution provider, seamlessly bridging the gap between exploration, production, and processing. This comprehensive approach includes drilling, well performance management, production optimization, and even the deployment of modular technologies for carbon capture and geothermal applications. SLB Capturi, its pioneering joint venture in carbon capture, embodies this innovative spirit by utilizing modular platforms to deliver scalable, industrial decarbonization solutions.
Global Presence and Competitive Position
Operating in diverse global markets, SLB leverages a multicultural workforce and deep local insights to cater to the varying demands of the oil and gas industry. Its global reach and adaptability enable it to serve a broad spectrum of clients—from national oil companies to independent operators—solidifying its position as a major player in the industry. Strategic partnerships and collaborative projects, like those in decarbonization and geothermal energy, illustrate SLB's capacity to diversify and reinforce its market presence, even as it faces stiff competition from other multinational service firms.
Expertise in Engineering and Resource Optimization
SLB's engineering acumen is notable for its capacity to integrate advanced technologies with robust field practices. The company employs specialized techniques in reservoir performance evaluation, digital simulation, and production enhancement, which contribute to more efficient resource management. Clients benefit from an array of engineered solutions that not only boost productivity but also align with complex operational dynamics inherent in the oil and gas sector.
Industry-Specific Innovations and Collaborative Projects
Beyond traditional services, SLB is at the forefront of integrating cutting-edge innovation with established field expertise. Its collaborative projects in carbon capture and geothermal development showcase a commitment to evolving operational practices through technology. These initiatives reinforce the company’s reputation as an innovator that is adept at translating complex engineering challenges into practical, scalable solutions that resonate across the energy sector.
Conclusion
In summary, Schlumberger (SLB) stands as a cornerstone in the oilfield services industry. Its deep-seated expertise in reservoir engineering, drilling technology, production solutions, and digital integration equips it to meet the evolving needs of global energy operations. With a clear focus on technical innovation and integrated service delivery, SLB continues to shape industry standards while maintaining unbiased, client-focused operational excellence.
SLB (NYSE: SLB) OneSubsea has secured a contract from TotalEnergies (NYSE: TTE) for the Kaminho deepwater project, offshore Angola. The project involves a 13-well subsea production system, including associated equipment and services, and will be developed in two phases in the Cameia and Golfinho fields. The collaboration aims to deploy a highly configurable subsea production platform with standardized vertical monobore subsea tree, wellhead, and controls system. The project is set to create over 10 million man-hours of work, primarily in Angola, with a targeted first production date in 2028, expected to yield 70,000 barrels of oil per day.
SLB (NYSE: SLB) has announced a second request for additional information from the U.S. Department of Justice (DoJ) regarding its planned acquisition of ChampionX (NASDAQ: CHX). This request is a part of the DoJ's review process. The acquisition, which received approval from ChampionX stockholders on June 18, 2024, is anticipated to close by either the fourth quarter of 2024 or the first quarter of 2025, contingent on regulatory approvals and customary closing conditions.
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.
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