Carbon capture and storage technology set to generate $3 billion for SLB, but challenges remain

Carbon capture and storage (CCS) technology has been gaining attention in recent years, as companies seek to reduce carbon emissions. SLB, a leading energy company, announced that it plans to generate $3 billion in revenue from its new energy business by the end of the decade. The company’s CEO, Olivier Le Peuch, highlighted carbon capture as a key driver of this target.

SLB is currently involved in tenders totaling over $400 million related to CCS. The technology 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. While this technology has existed for years, it has faced challenges deploying CCS at a commercial scale due to its cost and complexity.

The International Energy Agency (IEA) emphasizes the importance of CCS in achieving net-zero emissions globally by 2050, cautioning against overreliance on the technology within the oil and gas industry. Despite existing challenges, the IEA stresses that the industry needs to prove that CCS can operate effectively at scale to reduce emissions in challenging sectors such as cement manufacturing. As efforts to address climate change intensify, CCS continues to be seen as a crucial tool for reducing emissions in these industries.