Schlumberger JV OneSubsea Secures Contract for Northern Lights CCS Project Expansion in Norway

Schlumberger Limited (NYSE:SLB) is one of the best NYSE stocks to buy for long-term investment. On June 25, OneSubsea, which is a joint venture of global technology company SLB, announced that it had secured an Engineering, Procurement, and Construction/EPC contract from Equinor for Phase 2 of the Northern Lights carbon capture and storage/CCS project offshore Norway.

This contract marks a significant progression for the project, following the final investment decision/FID made by Northern Lights’ owners (TotalEnergies, Shell, and Equinor) and a commercial agreement with an end-use customer. With the completion of Phase 2, the project’s capacity is set to expand significantly, from its initial 1.5 million tonnes/mt of CO₂ per year to a minimum of 5 mt per year.

Schlumberger JV OneSubsea Secures Contract for Northern Lights CCS Project Expansion in Norway

An aerial view of a well site, depicting the scale of oil and gas operations.

The scope of the contract awarded to SLB OneSubsea includes the engineering and construction of two new satellite subsea CO₂ injection systems along with their associated tie-in equipment. Project work has already commenced, with initial deliveries anticipated in 2026.

Schlumberger Limited (NYSE:SLB) provides technology for the energy industry worldwide.

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Disclosure: None. This article is originally published at Insider Monkey.