-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KRWLKyrrqFIHv8dzdjMXjXtQqAazVr6lhM7d9z0tMTnO2ZhsVD2bgM88OoNWbK79
 b2uH/DVZYkFfwq8jWXRTXg==

<SEC-DOCUMENT>0001246360-11-000365.txt : 20110124
<SEC-HEADER>0001246360-11-000365.hdr.sgml : 20110124
<ACCEPTANCE-DATETIME>20110124180518
ACCESSION NUMBER:		0001246360-11-000365
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110120
FILED AS OF DATE:		20110124
DATE AS OF CHANGE:		20110124

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Le Peuch Olivier
		CENTRAL INDEX KEY:			0001497824

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04601
		FILM NUMBER:		11544679

	MAIL ADDRESS:	
		STREET 1:		C/O SCHLUMBERGER LIMITED
		STREET 2:		5599 SAN FELIPE ST., 17TH FL.
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SCHLUMBERGER LTD /NV/
		CENTRAL INDEX KEY:			0000087347
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL, GAS FIELD SERVICES, NBC [1389]
		IRS NUMBER:				520684746
		STATE OF INCORPORATION:			P8
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		5599 SAN FELIPE
		STREET 2:		17TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
		BUSINESS PHONE:		7135132000

	MAIL ADDRESS:	
		STREET 1:		5599 SAN FELIPE
		STREET 2:		17TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCHLUMBERGER NV
		DATE OF NAME CHANGE:	19920804

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCHLUMBERGER LTD
		DATE OF NAME CHANGE:	19880812
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2011-01-20</periodOfReport>

    <notSubjectToSection16>false</notSubjectToSection16>

    <issuer>
        <issuerCik>0000087347</issuerCik>
        <issuerName>SCHLUMBERGER LTD /NV/</issuerName>
        <issuerTradingSymbol>SLB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001497824</rptOwnerCik>
            <rptOwnerName>Le Peuch Olivier</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>5599 SAN FELIPE, 17TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77056</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>Vice President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>NQ Stock Option (right to buy) w/ tandem Tax w/h right</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>83.885</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2011-01-20</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>27000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2015-01-20</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2021-01-20</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, $0.01 par value per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>27000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>27000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">This option is subject to a 4-year cliff and will become exercisable on January 20, 2015.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/Lynda Quagliara Attorney-in-Fact For: Olivier Le Peuch</signatureName>
        <signatureDate>2011-01-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----