Agreement aims to help mitigate GHG emissions in industrial sectors

Monaco, September 18, 2024—SLB (NYSE: SLB) and Aramco have signed an agreement with the aim of co-developing, commercializing, and utilizing digital solutions to help mitigate greenhouse gas (GHG) emissions in industrial sectors. These solutions would be integrated within SLB’s digital sustainability platform, building on the collaboration announced in 2022.

The SLB digital sustainability platform will enable industrial companies to accelerate their progress toward net zero by more easily measuring, reporting and verifying (MRV) their emissions. This data and intelligence not only assists customers in ensuring compliance but also enables them to implement more strategic decarbonization actions, such as enhancing energy efficiency, reducing methane emissions, and advancing carbon capture, utilization, and storage (CCUS) initiatives.

“Data is essential to support increasing calls for emissions transparency, and taking decisive actions on decarbonization investments,” said Rakesh Jaggi, president of Digital and Integration, SLB. “The digital sustainability platform provides the means to leverage data at scale to drive emission reduction outcomes. We aim to expand the SLB suite of solutions with Aramco’s innovative technologies.”

The agreement establishes a framework for development of several digital solutions on SLB’s digital sustainability platform. These include Aramco’s in-house Combined Heat Power (CHP) optimization solution that could potentially improve energy efficiency, and Flare Monitoring System (FMS) solution that is anticipated to mitigate field emissions, as well as a new co-developed decarbonization planning solution for the forecasting of emissions, and simulating scenarios that aims to determine optimal GHG emissions mitigation pathways. These solutions are expected to leverage SLB’s digital sustainability platform’s security, data management, analytical, and AI capabilities for access at global scale.

“For several years, Aramco has been working towards mitigating GHG emissions from its operations with its own internally developed technologies,” said Walid A. Al Naeem, Aramco Engineering VP & Chief Engineer. “This agreement marks another milestone in our partnership with SLB, to bring our innovation and expertise to the global energy and industrial market.”

Through this collaboration, both companies aim to demonstrate their ambitions for GHG emissions mitigation and localization through talent development for the project in the Kingdom of Saudi Arabia.

About SLB

SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.

About Aramco

As one of the world’s leading integrated energy and chemicals companies, our global team is dedicated to creating impact in all that we do, from providing crucial oil supplies to developing new energy technologies. We focus on making our resources more dependable, more sustainable and more useful, helping to promote growth and productivity around the world.
Find out more at www.aramco.com

Media

Moira Duff – Director of External Communications
SLB
Tel: +1 (713) 375-3407
Email: media@slb.com

Investors

James R. McDonald – SVP of Investor Relations & Industry Affairs
Joy V. Domingo – Director of Investor Relations
SLB
Tel: +1 (713) 375-3535
Email: investor-relations@slb.com

Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, SLB’s new technologies and partnerships; statements about goals, plans and projections with respect to sustainability and environmental matters; forecasts or expectations regarding energy transition and global climate change; and improvements in operating procedures and technology. These statements are subject to risks and uncertainties, including, but not limited to, the inability to achieve net-negative carbon emissions goals; the inability to recognize intended benefits of SLB’s strategies, initiatives or partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; the timing or receipt of regulatory approvals and permits; and other risks and uncertainties detailed in SLB’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, and SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.