Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  PAI SATISH
 2. Date of Event Requiring Statement (Month/Day/Year)
05/01/2008		 3. Issuer Name and Ticker or Trading Symbol
SCHLUMBERGER LTD /NV/ [SLB]
(Last)
(First)
(Middle)
C/O SCHLUMBERGER LIMITED, 5599 SAN FELIPE 17TH FLOOR		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
VICE PRESIDENT
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

HOUSTON, TX 77056		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 50,990
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) w/ tandem Tx w/h right   (1) 04/17/2012 Common Stock 156,414 $ 27.873 D  
Employee Stock Option (right to buy) w/ tandem Tx w/h right   (2) 01/19/2015 Common Stock 56,920 $ 32.455 D  
Employee Stock Option (right to buy) w/ tandem Tx w/h right   (3) 07/21/2014 Common Stock 56,936 $ 32.618 D  
Employee Stock Option (right to buy) w/ tandem Tx w/h right   (4) 01/18/2016 Common Stock 78,158 $ 54.235 D  
Employee Stock Option (right to buy) w/ tandem Tx w/h right   (5) 07/19/2016 Common Stock 28,427 $ 63.545 D  
Employee Stock Option (right to buy) w/ tandem Tx w/h right   (6) 01/17/2018 Common Stock 37,645 $ 84.93 D  
Incentive Stock Option (right to buy)   (1) 04/17/2012 Common Stock 3,586 $ 27.873 D  
Incentive Stock Option (right to buy)   (2) 01/19/2015 Common Stock 3,080 $ 32.455 D  
Incentive Stock Option (right to buy)   (3) 07/21/2014 Common Stock 3,064 $ 32.618 D  
Incentive Stock Option (right to buy)   (4) 01/18/2016 Common Stock 1,842 $ 54.235 D  
Incentive Stock Option (right to buy)   (5) 07/19/2016 Common Stock 1,573 $ 63.545 D  
Incentive Stock Option (right to buy)   (6) 01/17/2018 Common Stock 2,355 $ 84.93 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
PAI SATISH
C/O SCHLUMBERGER LIMITED
5599 SAN FELIPE 17TH FLOOR
HOUSTON, TX 77056		       VICE PRESIDENT  

Signatures

By: Janet B. Glassmacher Attorney-in-Fact For: Satish Pai 05/02/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Exercisable in five equal annual installments beginning April 17,2003.
(2) This option becomes exercisable in four equal annual installments beginning January 19, 2006.
(3) This option becomes exercisable in four equal annual installments beginning July 21, 2005
(4) This option becomes exercisable in four equal annual installments beginning January 18, 2007.
(5) This option becomes exercisable in five equal annual installments beginning July 19, 2007.
(6) This option becomes exercisable in five equal annual installments beginning January 17, 2009.

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