Thermal Energy Partners (TEP), a developer of geothermal energy projects, and Schlumberger New Energy, a new Schlumberger business, entered into an agreement to create GeoFrame Energy, a geothermal project development company. GeoFrame Energy will leverage its partners’ expertise to develop efficient and profitable geothermal power generation projects worldwide, providing reliable, renewable energy with both baseload and load following capabilities.
Through GeothermEx, a Schlumberger company, we have acquired extensive knowledge of geothermal resource assessment and project design implementation. 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.—Ashok Belani, executive vice president, Schlumberger New Energy
GeoFrame 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. GeoFrame Energy provides the pathway for growth of the geothermal industry, while also structuring projects that will attract investment from key financial institutions.
The new company’s first project is the 10-MW Nevis Geothermal Power Project on the Caribbean island of Nevis. The Nevis Geothermal Project will enable the island to transition to 100% zero-emission renewable energy for its power supply. GeoFrame Energy has additional opportunities to expand production in the Eastern Caribbean and in North and South America.
Schlumberger is the world’s leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Schlumberger New Energy explores new avenues of growth by leveraging Schlumberger’s intellectual and business capital in emerging markets, with a focus on low-carbon and carbon-neutral energy technologies. Its activities include investments in new energy technology development early ventures, adjacent businesses leveraging Schlumberger’s expertise in subsurface characterization and drilling, and new energy deployments exploring new domains and business opportunities.
TEP was founded to capitalize on the expanding opportunity to produce electrical energy from renewable geothermal sources with minimal risk. It leverages its large databases and the advancements made in database analysis to reduce or constrain project risk. In addition, the company is pioneering application of the revolutionary transformations in drilling technology that brought about the shale gas revolution to the development of geothermal energy.