SLB, formerly known as Schlumberger, is investing nearly $400 million in Norway's Aker Carbon Capture.
SLB said late Wednesday that it will pay about $380 million, or 4.12 billion Norwegian kroner, for an 80% stake in the pure-play carbon capture company. The deal is expected to close by the end of the second quarter.Schlumberger rebranded as SLB in 2022 as part of the company's growing focus on lower-carbon technologies. SLB is targeting $3 billion in revenue from its new energy business by the end of the decade.
Carbon capture is a technique that captures carbon dioxide from industrial operations and then transports those emissions, typically through a pipeline, for permanent storage thousands of feet below ground. The International Energy Agency has described carbon capture as critical to achieving net-zero emissions globally by 2050, while at the same warning the oil and gas industry against excessive reliance on the technology.