Schlumberger, a Houston-based oilfield services company, is relocating its national headquarters to Sugar Land. At its Oct. 6 meeting the Sugar Land City Council approved two measures that finalized the deal to bring the company’s headquarters to the city.

City Council unanimously approved an incentive package, which includes a tax abatement policy that is intended to secure the retention and expansion of Schlumberger in Sugar Land. City Council also approved a performance agreement that will accommodate future growth as a result of the company’s relocation.

“As our second largest employer, and consistently one of our top property tax and sales tax payers, Schlumberger has been an extremely important part of the city of Sugar Land’s economy for over a half century, and we are very proud that they have chosen Sugar Land as the location for their consolidated headquarters facilities,” Mayor James Thompson said.

The Sugar Land Office of Economic Development and the Greater Fort Bend Economic Development Council developed the incentive package to ensure the future growth of Schlumberger within Sugar Land and Fort Bend County.

The performance agreement allows the city of Sugar Land to widen Industrial Boulevard to a four-lane road by 2017. Council member Steve Porter said the road improvements detailed in the performance agreement will not only benefit Schlumberger, but it will benefit the surrounding residential and retail areas in Sugar Land.

“The roadway improvements really benefit all of the residents and the companies located in our business park,” Porter said. “We’re thrilled to have a side agreement that works out like that.”

The two agreements with Sugar Land also permit Schlumberger to construct improvements to its existing 32-acre Sugar Land campus, located at the northeast intersection of Hwy. 90 and Gillingham Lane.

Improvements to the existing site include the demolition of certain buildings, repair of utilities and reconstruction of the campus landscape, according to city documents.

Schlumberger’s relocation and campus improvements are expected to generate more than 500 new jobs and $200 million in capital investment.

“It’s really something for Sugar Land and Fort Bend County to have such a prestige corporation in our community,” said Andy Meyers, Fort Bend County Precinct 3 commissioner. “They are the premier service company and one of the major industries in our community.”