Schlumberger and Thermal Energy Partners To Create STEP Energy
The new geothermal project development company will offer expertise in subsurface and drilling, project development, and risk mitigation.
Schlumberger New Energy and Thermal Energy Partners (TEP), an Austin-based geothermal energy development firm, announced on 27 August that they have entered into an agreement to create STEP Energy, a geothermal project development company. According to the announcement, STEP Energy will leverage its partners’ expertise to develop efficient and profitable geothermal power generation projects 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,” said Ashok Belani, executive vice president, Schlumberger New Energy. “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.” GeothermEx is a geothermal science and engineering firm.
“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,” said Bruce Cutright, chief executive officer of TEP.
The new company’s first project is the 10-MW Nevis Geothermal Power Project on the Caribbean island of Nevis. The objective of the project, being co-developed by Nevis Renewable Energy International (NREI) and the Nevis Island Administration, is to enable the island to transition to 100% zero-emission renewable energy for its power supply. NREI is a subsidiary of TEP.
STEP Energy has additional opportunities to expand production in the Eastern Caribbean and in North and South America, according to the press release.
Schlumberger New Energy focuses on low-carbon and carbon-neutral energy technologies. TEP is applying drilling technologies from shale gas to the development of geothermal energy.