The oil and gas sector faced a new twin imperative: meet present and future demand for oil and gas in a way that maximizes profits while lowering carbon emissions
FREMONT, CA: Prior to the global pandemic, there was a need for the oil and gas industry to undergo considerable change and transformation. The global pandemic's effects increased this call to action, acting as a catalyst for major business changes. In the midst of this seismic transition, the oil and gas sector faced a new twin imperative: meet present and future demand for oil and gas in a way that maximizes profits while lowering carbon emissions.
Prior to the global pandemic, there was a need for the oil and gas industry to undergo considerable change and transformation. The global pandemic's effects increased this call to action, acting as a catalyst for major business changes. In the midst of this seismic transition, the oil and gas sector faced a new twin imperative: meet present and future demand for oil and gas in a way that maximizes profits while lowering carbon emissions.
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Capital stewardship is resulting in a lower total expenditure operating environment for offshore oil and gas operators. Reduced CAPEX and OPEX, as well as faster time to first oil and gas, and improved production or 100 percent recovery, are all priorities. All of this is based on the requirement of eliminating the environmental impact of every barrel produced. Schlumberger embraces the production journey with its customers by working with a new attitude in order to continue making substantial gains toward delivering lower-cost, lower-carbon energy. Close and early engagement and collaboration with customers is becoming the norm in this paradigm.
Schlumberger engages operators through open, digitally connected cooperation, keeping their asset at the center of everything and aligning to their performance requirements. For the life of the asset, value is created through living the production journey—responsively, sustainably, predictably, and dynamically. The industry can no longer have a segregated, sequential workflow because of open cooperation. Operators communicate their final aim, and service providers assist them in making the best decisions early in the asset's life cycle and operators use this procedure to complete their tasks.
Schlumberger announced its decarbonization strategy and goal to achieve net-zero greenhouse gas emissions across the whole oil and gas value chain in June 2021. The strategy calls for steps to reduce the company's own emissions as well as new low- or zero-carbon energy enterprises. In addition, the company unveiled its Transition Technologies* portfolio, which aims to help oil and gas companies, cut their own emissions in their operations. The portfolio, which is made up of patented technology and solutions, helps to reduce emissions and energy consumption, as well as other critical sustainability features, while also increasing efficiency, dependability, and performance. The portfolio is structured into five topics that address diverse sustainability concerns, such as lowering drilling carbon footprint and addressing fugitive emissions.