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.
Ridge Runner Resources Operating retained EnergyNet for the sale of a Wolfcamp Shale opportunity in the Permian Basin through a sealed-bid offering comprised of properties located in New Mexico’s Lea County.
Summit Discovery Resources retained RedOaks Energy Advisors as the exclusive adviser in connection with the sale of operated Eagle Ford assets in Karnes County, Texas.
Here’s a snapshot of recent energy deals including the $115.5 million sale of Permian Basin operator Approach Resources through a bankruptcy auction plus a new JV targeting the Wolfcamp Shale.