Schlumberger New Energy, a new Schlumberger business, and Thermal Energy Partners (TEP) have entered into an agreement to create STEP Energy, a geothermal project development company, on Aug. 27. STEP Energy will leverage its partners’ expertise to develop efficient and profitable geothermal power generation projects, providing an opportunity to support a reliable supply of clean energy.
“Through GeothermEx, a Schlumberger company, we have acquired extensive knowledge of geothermal resource assessment and project design implementation,” Ashok Belani, executive vice president, Schlumberger New Energy, said. “By combining our geothermal, subsurface and drilling expertise with TEP’s experience in project development and risk mitigation, we will develop de-risked and streamlined geothermal projects on a global scale.”
STEP Energy will benefit from the partners’ project execution, drilling, subsurface evaluation and digital technology integration expertise, combined with systems engineering, modeling, data analytics and machine learning capabilities. STEP Energy will create new avenues for growth of the geothermal industry, while also attracting investment from various financial institutions.
The new company’s first project is the 10-MW Nevis Geothermal Power Project on the Caribbean island of Nevis, which will enable the island to transition to 100% zero-emission renewable energy for its power supply. STEP Energy has additional opportunities to expand production in the Eastern Caribbean and in North and South America.
“We are thrilled with this partnership. STEP Energy will focus on quickly reaching our first milestone of 100 MW of geothermal capacity. The combined experience and expertise in drilling, reservoir identification and assessment and project execution provide an unequalled opportunity for the success of the new company,” Bruce Cutright, CEO of TEP, said.
Recommended Reading
BP Energy Partners Invests in Pipeline Inspection Company Novitech
2024-10-24 - BP Energy Partners will invest in Novitech, whose Micron Technology is a leading pipeline inspection technology in the energy industry.
E&P Highlights: Oct. 7, 2024
2024-10-07 - Here’s a roundup of the latest E&P headlines, including a major announcement from BP and large contracts in the Middle East.
Atlas Commissions 42-mile Dune Express Conveyor, Lowers 3Q Guidance
2024-10-10 - Atlas Energy Solutions said its Dune Express proppant conveyor remains on time and on budget, but the company expects lower revenue and EBITDA for the third quarter.
E&P Highlights: Sept. 23, 2024
2024-09-23 - Here's a roundup of the latest E&P headlines, including Turkey receiving its first floating LNG platform and a partnership between SLB and Aramco.
E&P Highlights: Oct. 21, 2024
2024-10-21 - Here’s a roundup of the latest E&P headlines, with a large contract announced offshore Gulf of Mexico and strategic partnerships aimed at optimizing oilfield production.