Thermal Energy Partners (TEP), a developer of geothermal energy projects, and Schlumberger New Energy, a new Schlumberger business, announced that they have 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," 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."
"We are thrilled with this partnership. GeoFrame Energy will focus on quickly reaching our first milestone of 100 MWs of geothermal generation 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, TEP.
"GeoFrame Energy's approach creates a unique opportunity to de-risk and optimize the development of geothermal power projects, reduce costs and compress schedules. This will unlock the full potential of geothermal power generation globally," said Dan Pfeffer, president, TEP.
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.