Schlumberger Ltd., the world’s largest oilfield services company, has joined its energy peers in committing to reach net-zero carbon emissions across the oil and gas value chain by 2050.

The company said Tuesday it has spent 18 months analyzing and working with experts to produce a decarbonization plan. The focus is to reduce emissions from direct, indirect and customer sources, i.e. Scope 1, 2 and 3 emissions.

“There is a new industry imperative to address climate change while meeting the demand for energy both today and in the long term, sustainably,” CEO Olivier Le Peuch said. “We have a 2050 net-zero carbon emissions ambition which I believe is unique in our industry due to our capabilities as a technology company and our culture grounded in science. This reinforces our commitment to unlocking access to energy, for the benefit of all. 

“Our net-zero target is inclusive of total Scope 3 emissions; this is a first in the energy services industry.”

Schlumberger said its Transition Technologies portfolio would assist customers in their decarbonization commitments. The portfolio, among other things, is designed to address fugitive emissions, flaring reduction, electrification, well construction emissions and full field development solutions.

“The company’s engineers conducted a portfolio screening in 2020 that identified more than 100 impact-reducing technologies and developed a robust quantification framework that uses eight attributes to establish a standardized measurement system for comparative analysis,” management noted.

Comprising proprietary technologies and solutions, the portfolio would help customers reduce Scope 1 and 2 emissions related to the use of Schlumberger technologies. The portfolio simultaneously would enable Schlumberger to meet its Scope 3 emissions target, which it said represents 75% of its baseline greenhouse gas (GHG) footprint.

Schlumberger’s Katharina Beumelburg, chief strategy and sustainability officer, said the decarbonization plans “are based upon climate science and focused on “operational emissions, customer emissions and carbon-negative actions.”

Using 2019 as a baseline year, the company initially expects by 2025 to reduce Scope 1 and 2 emissions by 30%. By 2030, Scope 1 and 2 emissions should be down by half, with a 30% cut to Scope 3 emissions. Net-zero goals would then be reached by 2050, with a “minimal reliance on offsets.”

Schlumberger said it would “ensure transparency” in aligning with the Task Force on Climate-Related Financial Disclosures (TCFD) and the Sustainability Accounting Standards Board (SASB). The TCFD was created by the Financial Stability Board to develop “consistent” climate-related financial risk disclosures for stakeholders. The SASB’s mission is to develop and disseminate sustainability accounting standards that help public corporations disclose “material, decision-useful information” to investors.