DEEP Earth Energy Partners with Global Energy Leader SLB to Drive Next-Generation Geothermal Development in Canada

Rhea-AI Summary

DEEP Earth Energy Production Corp. has announced a strategic partnership with SLB (NYSE: SLB) to develop Canada's first next-generation geothermal project in southeast Saskatchewan. The project, having completed its feasibility phase, aims to produce up to 30 MW of emissions-free, baseload power through its initial two phases.

The collaboration involves SLB providing engineering design and integrated well construction services, including the development of two production and two injection wells in phase one and up to 18 wells in phase two. The project will utilize advanced horizontal drilling techniques and production enhancement technologies from the oil & gas industry to optimize geothermal energy generation.

The innovative approach leverages natural rock formation permeability to enable cost-efficient and sustainable geothermal energy production, addressing traditional economic and technical challenges in Canada's untapped geothermal potential.

Positive

• Strategic partnership with global energy technology leader SLB
• Project completed feasibility phase
• Potential to generate 30 MW of emissions-free baseload power
• Innovative use of proven oil & gas industry techniques for cost-efficient production
• First-of-its-kind geothermal development approach in Canada

Negative

• None.

News Market Reaction

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-0.92% News Effect

On the day this news was published, SLB declined 0.92%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

SASKATOON, SK, Jan. 29, 2025 /PRNewswire/ - DEEP Earth Energy Production Corp. (DEEP) announces a strategic collaboration with global energy technology company SLB (NYSE: SLB) to drive the development of Canada's first next-generation geothermal project, located in southeast Saskatchewan. With the feasibility phase now complete, the project is poised to produce up to approximately 30 MW of emissions-free, baseload power on completion of its initial two phases — marking a major milestone for geothermal energy in Canada.

Despite Canada's vast geothermal potential, the resource has remained largely untapped due to economic and technical challenges tied to conventional extraction methods. DEEP's geothermal project will leverage proven approaches from conventional field development in oil & gas, to deploy advanced horizontal drilling techniques to access some of the most productive zones in the formation, as well as production enhancement technologies to optimize output of geothermal energy generation. This cutting-edge methodology, supported by SLB's global expertise in geothermal technology, integrated well construction, and extensive regional drilling experience, represents a first-of-its-kind application for geothermal development in Canada.

"We are thrilled to welcome SLB as a key partner in this transformative project, which also includes Ormat as part of an integrated geothermal asset development model," said Kirsten Marcia, president and chief executive officer for DEEP. "By joining forces, we are developing our asset in a streamlined fashion, combining the best of subsurface and surface technologies, while maximizing efficiencies, operations, and ultimately, power output. With this approach, we hope to establish a blueprint for the development of additional commercial geothermal projects in Canada. This project is not only a major step forward for our company, but also should represent a meaningful contribution to Canada's goals to reduce emissions and secure local energy resources."

As a part of the collaboration between DEEP and SLB on this project, SLB will provide engineering design and integrated well construction services for phases one and two of the project, including the development of two production and two injection wells in phase one and up to 18 wells in phase two. The innovative approach will leverage the natural permeability of the sedimentary rock formation and enable the reliable, cost-efficient, and more sustainable production of geothermal energy.

"This collaboration with DEEP reflects our commitment to broadening the adoption of geothermal by reducing project risk and accelerating the time to first power," said Irlan Amir, vice president of Renewables and Energy Efficiency, SLB. "The project's innovative engineering design and integrated asset development model brings together developers, technology providers and infrastructure partners to open new frontiers for geothermal power generation in Canada and beyond."

By creatively addressing the perceived barriers to geothermal development in Canada, DEEP's project is set to establish a new benchmark for the renewable energy sector. The collaboration between DEEP and SLB on this project signals a shared commitment to unlocking geothermal energy's full potential, paving the way for a cleaner, more sustainable energy future.

Media kit:
https://www.dropbox.com/scl/fo/vuwrvo4omnvijomiirwdh/ABYjeUd94VqTTe6VpJYjFs8?rlkey=byzv5h3ox0v3ay8u99hmjhvr6&dl=0

About DEEP Earth Energy Production:

DEEP is developing geothermal resources to meet increasing energy needs with sustainable, clean and renewable energy. The company is advancing its first planned ~30 MW geothermal power facility in southeastern Saskatchewan that will produce emissions-free baseload power. The first 5MW phase is planned for full commissioning by 2026. A staged build aims to increase the project to produce approximately 180 MW of renewable power generation.

For more information on DEEP, please visit DEEP's website at www.deepcorp.ca or contact: President & CEO, Kirsten Marcia, info@deepcorp.ca

Media, Morten Paulsen: (403) 399-3377, mpaulsen@osborneinterim.com

Future Oriented Financial Information Disclaimer:
Some of the statements in this news release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. DEEP, including its directors or officers, do not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will DEEP or its directors or officers be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this update or for any related damages. You should consult your professional advisors before deciding to make an investment decision in DEEP.

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SOURCE DEEP Earth Energy Production Corp

FAQ

What is the expected power generation capacity of DEEP's geothermal project with SLB?

The project is expected to produce up to approximately 30 MW of emissions-free, baseload power upon completion of its initial two phases.

How many wells will SLB develop in Phase 1 and Phase 2 of the DEEP geothermal project?

SLB will develop 4 wells (2 production and 2 injection wells) in Phase 1, and up to 18 wells in Phase 2.

Where is DEEP and SLB's geothermal project located?

The geothermal project is located in southeast Saskatchewan, Canada.

What innovative technology will SLB use in DEEP's geothermal project?

The project will use advanced horizontal drilling techniques and production enhancement technologies adapted from oil & gas industry practices, leveraging natural rock formation permeability.

What makes the DEEP and SLB geothermal project unique in Canada?

It is Canada's first next-generation geothermal project, using a first-of-its-kind application of oil & gas industry techniques for geothermal development.