SLB Takes Reservoir Role on Havstjerne Carbon Storage Development

Oilfield services giant SLB said it has been named strategic reservoir partner for the Havstjerne carbon storage project, a subsurface development aimed at permanently sequestering carbon dioxide in geological formations offshore Norway.

The appointment places SLB in charge of reservoir characterization and monitoring work for the project — the technical backbone of any CO2 storage site. That scope typically involves seismic imaging and modeling of underground saline formations to confirm they can hold injected CO2 securely over decades, along with surveillance systems to track the plume after injection begins. Carbon capture and storage (CCS) is an emerging business line for services companies like SLB, which are leveraging skills honed in conventional upstream exploration — the search for oil and gas deposits — and applying them to injection and containment rather than production.

Offshore Norway has become a focal point for large-scale CO2 storage in Europe, supported by national backing for transport and storage infrastructure that allows industrial emitters to ship captured carbon to subsea repositories. Strategic partner roles such as this one give services firms recurring, project-level involvement across the storage lifecycle rather than one-off contract work, spanning appraisal, injection startup, and long-term monitoring obligations that regulators typically require for storage permits.

For SLB, the announcement aligns with the company’s stated push into what it calls its digital and carbon-reduction portfolio, positioning the company for revenue streams that sit alongside its traditional drilling and reservoir evaluation business. Financial terms of the Havstjerne partnership were not disclosed in the announcement.

Shares of SLB traded at $57.10 in recent activity, up 0.18% from the previous close of $57.00, valuing the company at roughly $84.7 billion.

What to watch

• Updates on Havstjerne appraisal and permitting milestones from the project’s operators and Norwegian authorities
• SLB’s upcoming earnings calls for commentary on CCS contract wins and backlog in its carbon management division
• Further CO2 storage partnership announcements across the Norwegian offshore portfolio, where multiple projects are progressing toward final investment decisions

Source: original release