FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN 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 * SBITI CHAKIB   2. Issuer Name and Ticker or Trading Symbol SCHLUMBERGER LTD /NV/ [SLB] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) EXECUTIVE VICE PRESIDENT (Last) (First) (Middle) C/O SCHLUMBERGER LIMITED, 42 RUE ST. DOMINIQUE 3. Date of Earliest Transaction (Month/Day/Year) 07/28/2006 (Street) 75340 PARIS, I0  4. If Amendment, Date Original Filed(Month/Day/Year) 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 Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 07/28/2006   M   17,584 A $ 41.174 53,152 (1) D   Common Stock 07/28/2006   S   17,584 D $ 64.69 35,568 (1) D   Common Stock 07/28/2006   M   19,782 A $ 35.658 55,350 (1) D   Common Stock 07/28/2006   S   19,782 D $ 64.69 35,568 (1) D   Common Stock 07/28/2006   M   21,980 A $ 22.422 57,548 (1) D   Common Stock 07/28/2006   S   21,980 D $ 64.69 35,568 (1) D   Common Stock 07/28/2006   M   80,000 A $ 38.001 115,568 (1) D   Common Stock 07/28/2006   S   80,000 D $ 64.69 35,568 (1) D   Common Stock               2,356 I SL Int'l P/S Plan

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (right to buy) w/ tandem Tx w/h right

$ 35.658 (2)

07/28/2006

M

19,782 (2)

04/15/1999(3)

04/15/2008

Common Stock

19,782 (2)

$ 0

0

D

Employee Stock Option (right to buy) w/ tandem Tx w/h right

$ 38.001 (2)

07/28/2006

M

80,000 (2)

07/20/2001(4)

07/20/2010

Common Stock

80,000 (2)

$ 0

0

D

Employee Stock Option (right to buy) w/ tandem Tx w/h right

$ 41.174 (2)

07/28/2006

M

17,584 (2)

10/21/1998(5)

10/21/2007

Common Stock

17,584 (2)

$ 0

0

D

Incentive Stock Option (right to buy)

$ 22.422 (2)

07/28/2006

M

21,980 (2)

01/19/2000(6)

01/19/2009

Common Stock

21,980 (2)

$ 0

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
SBITI CHAKIB C/O SCHLUMBERGER LIMITED 42 RUE ST. DOMINIQUE 75340 PARIS, I0			EXECUTIVE VICE PRESIDENT

Signatures

By: /s/Lynda M. Quagliara Attorney-in-Fact For: Chakib Sbiti		08/01/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(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)	On March 1, 2006, the Common Stock of Schlumberger Limited split 2 for 1 resulting in the reporting person's acquisition of 17,784 additional shares.
(2)	Shares and option price were adjusted for the March 1, 2006 2 for 1 stock split.
(3)	The options became exercisable in five equal annual installments on April 15, 1999.
(4)	Exercisable in five equal annual installments beginning July 20, 2001.
(5)	The option becomes exercisable in five equal annual installments beginning October 21, 1998.
(6)	Exercisable in five equal annual installments beginning January 19, 2000.
Remarks: On March 1, 2006, the Common Stock of Schlumberger Limited split 2 for 1 resulting in the reporting person's acquisition of 1,176 additional shares held in the SL International Profit Sharing Plan.

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