UPDATE: Thermal Energy Partners and Schlumberger New Energy Enter into Agreement to Create GeoFrame Energy, a Geothermal Project Development Company

AUSTIN, Texas, Sept. 4, 2020 /PRNewswire/ -- Thermal Energy Partners (TEP), a developer of geothermal energy projects, and Schlumberger New Energy, a new Schlumberger business, announced today 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.

www.geoframe-energy.com

About Schlumberger New Energy
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.

About Thermal Energy Partners
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.

† Schlumberger New Energy and Thermal Energy Partners (STEP) worked together to conceive and plan out the new opportunity to jointly develop geothermal energy, now formally incorporating a new company under the name GeoFrame Energy.

For further information, contact:

Bruce Cutright
CEO, Thermal Energy Partners
[email protected]

Moira Duff
Corporate Communication Manager, Schlumberger Limited
Office: +1 (713) 375-3494
[email protected]

SOURCE GeoFrame Energy