Schlumberger, rebranded as SLB in 2022, has set a target of generating $3 billion in revenue from its new energy business by the end of the decade. The company aims to achieve this through its increasing focus on lower-carbon technologies, with carbon capture and storage being a key driver. SLB is currently involved in tenders totaling over $400 million related to carbon capture and storage.

Carbon capture involves capturing carbon dioxide emissions from industrial processes and storing them deep underground. Aker Carbon Capture has developed a method that uses water and organic amine solvents to absorb carbon dioxide emissions. The International Energy Agency has emphasized the importance of carbon capture in achieving net-zero emissions globally by 2050, cautioning against overreliance on the technology within the oil and gas industry.

Despite existing for years, the industry has faced challenges deploying carbon capture technology at a commercial scale due to its cost and complexity. The IEA has stressed the need for the industry to prove that carbon capture and storage can operate effectively at scale, highlighting its history of underperformance. However, as efforts to address climate change intensify, carbon capture continues to be seen as a crucial tool for reducing emissions in challenging sectors like cement manufacturing.