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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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
                      

1. Name and Address of Reporting Person *

Nelson Rodney

2. Date of Event Requiring Statement (MM/DD/YYYY)
10/18/2007 

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 /

(Street)

HOUSTON, TX 77056       

(City)              (State)              (Zip)
5. If Amendment, Date Original Filed (MM/DD/YYYY)

 

6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person


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   1263   I   SL Prof. Sharing Pln  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4) 		2. Date Exercisable and Expiration Date
(MM/DD/YYYY) 		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
Incentive Stock Option (right to buy)     (1) 10/19/2009   Common Stock   5400   $25.748   D    
Incentive Stock Option (right to buy)     (2) 4/17/2012   Common Stock   7172   $27.873   D    
Incentive Stock Option (right to buy)     (3) 7/21/2014   Common Stock   3064   $32.618   D    
Incentive Stock Option (right to buy)     (4) 10/19/2010   Common Stock   1626   $41.141   D    
Incentive Stock Option (right to buy)     (5) 1/18/2016   Common Stock   3684   $54.235   D    
NQ Stock Option (right to buy) w/ tandem Tax w/h right     (1) 10/19/2009   Common Stock   3390   $25.748   D    
NQ Stock Option (right to buy) w/ tandem Tax w/h right     (2) 4/17/2012   Common Stock   828   $27.873   D    
NQ Stock Option (right to buy) w/ tandem Tax w/h right     (3) 7/21/2014   Common Stock   1936   $32.618   D    
NQ Stock Option (right to buy) w/ tandem Tax w/h right     (4) 10/19/2010   Common Stock   4374   $41.141   D    
NQ Stock Option (right to buy) w/ tandem Tax w/h right     (5) 1/18/2016   Common Stock   16316   $54.235   D    

Explanation of Responses:
( 1)  Exercisable in five equal annual installments beginning October 19, 2000.
( 2)  Exercisable in five equal annual installments beginning April 17,2003.
( 3)  This option becomes exercisable in four equal annual installments beginning July 21, 2005
( 4)  Exercisable in five equal annual installments beginning October 19, 2001.
( 5)  This option becomes exercisable in four equal annual installments beginning January 18, 2007.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Nelson Rodney
C/O SCHLUMBERGER LIMITED
5599 SAN FELIPE 17TH FLOOR
HOUSTON, TX 77056

VICE PRESIDENT

Signatures
By: Janet B. Glassmacher Attorney-in-Fact For: Rodney F. Nelson 10/22/2007
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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