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Schlumberger’s greenwash

Cambridge's planet-killer

The United Nations and the International Energy Agency have called for an immediate end to new fossil fuel exploration and production and an end to fossil fuel subsidies.

"This report must sound a death knell for coal and fossil fuels, before they destroy our planet… Countries should also end all new fossil fuel exploration and production, and shift fossil fuel subsidies into renewable energy. By 2030, solar and wind capacity should quadruple and renewable energy investments should triple to maintain a net zero trajectory by mid-century."

UN Secretary-General António Guterres, 9th August 2021

"From 2021 there should be no new investment in fossil fuel supply and no exploration for new resources is required. That means no new oil fields, no new natural gas, no new coal and no new LNG plants."

International Energy Agency, 18th May 2021

However, from the very beginning, Schlumberger completely ignores these warnings in their 2021 Sustainability report.

"First, the energy system is not ready to go completely carbon free in the short term, and that is why we are using our capabilities and expertise to decarbonize industry operations now with technology we have, and by developing new solutions to reduce industry emissions as fast as possible."

Dr. Katharina Beumelburg Chief Strategy and Sustainability Officer

"All of the scenarios we used in building our strategy allocate some share of the energy mix to oil and gas in the coming decades. Our strategy considers that there is a wide range of possibilities with respect to the future energy mix and the pace of energy transition and, as such, our strategy addresses opportunities across multiple time horizons. Regardless of the contribution of oil and gas to the energy mix, Schlumberger recognizes the need to reduce the carbon footprint of oil and gas operations, and therefore our strategy considers that as well."

In their report, Schlumberger says they want to perform their fossil fuel extraction "sustainably" – taking us for fools.

"OUR VISION With our purpose in mind, our vision is to define and drive high performance for the energy industry, sustainably."

We should be ending all new fossil fuel exploration and production full stop and not greenwashing it by making it "sustainable" as Schlumberger is claiming.

In Schlumberger's Second-Quarter 2022 Results they are proud and boasting about their increased profits.

"The strength of our second-quarter outperformance highlights a firmly established growth inflection and our ability to comprehensively participate in drilling and completion activity growth globally. The multiyear upcycle continues to gain momentum with upstream activity and service pricing steadily increasing both internationally and in North America, resulting in a strengthened outlook for Schlumberger."

"Despite near-term concerns over a global economic slowdown, the combination of energy security, favorable break-even prices, and the urgency to grow oil and gas production capacity is expected to continue to support strong upstream E&P spending growth. Consequently, we are witnessing a decoupling of upstream spending from near-term demand volatility, resulting in resilient global oil and gas activity growth in 2022 and beyond."

This clearly signals a "business as usual" attitude towards fossil fuel extraction and an endless growth approach, again with complete disregard for the climate emergency and the need to stop all new fossil fuel explorations and production. Their hypocrisy is clear to be seen. Schlumberger is celebrating the fact that fossil fuel extraction is growing. It shows their true colours and their complete disregard for the climate emergency.

Profit is the only thing that matters to them.

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