We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
SAPMF Partners With Two Companies for Advanced Geothermal Energy
Read MoreHide Full Article
SaipemSpA (SAPMF - Free Report) has taken a bold step toward energy transition by entering a Memorandum of Understanding (MoU) with Geolog, a leading company in the evaluation of geological formations and drilling solutions, and Ignis H2 Energy, a firm involved in geothermal resource acquisition and development.
The goal of this partnership is to develop geothermal technologies and carry out feasibility research to meet the growing demand for clean energy.
Insight Into SAPMF’s MoU
The MoU will augment Saipem’s research and development program, which provides innovative solutions for energy transition, including geothermal energy that utilizes the natural heat within the earth’s sphere.
The accord will focus on three main areas — advanced geothermal energy solutions, offshore geothermal energy, and conversion of old oil and gas wells. With its long-established track record in geothermal and offshore drilling, Saipem, which is an Italian oilfield services company, will lead the consortium for feasibility studies by assessing the technical solutions and identifying the technological gaps. Both Geolog and Ignis H2will contribute to the evaluation of geological formations, resource availability and drilling technologies.
Through this partnership, the companies are well-positioned to address the problem of difficulty in accessing geothermal energy. The companies are planning innovative advancements in technology to tap the energy from terrestrial heat sources, which lies unexplored due to accessibility challenges.
Looking Forward
The potential of geothermal energy still remains underutilized despite being a reliable source of clean energy. Saipem is committed to changing this by making technological innovations in the geothermal sector, which can help its clients achieve the target of net zero emissions.
SAPMF’s Zacks Rank
Currently, SAPMF carries a Zacks Rank #4 (Sell). Although the company is a leader in oilfield services through its technological know-how, there has been a slowdown in drilling activities across the oil and gas resources in the world. Lower drilling activities will likely lead to reduced demand for oil field service players like SAPMF. Other leading oilfield service companies that may also get hurt due to slowing drilling programs are Halliburton Company (HAL - Free Report) , Baker Hughes Company (BKR - Free Report) and Schlumberger Limited (SLB - Free Report) . While Baker Hughes and Halliburton carry a Zacks Rank #3 (Hold) each, Schlumberger has a Zacks Rank of 4.
Image: Shutterstock
SAPMF Partners With Two Companies for Advanced Geothermal Energy
SaipemSpA (SAPMF - Free Report) has taken a bold step toward energy transition by entering a Memorandum of Understanding (MoU) with Geolog, a leading company in the evaluation of geological formations and drilling solutions, and Ignis H2 Energy, a firm involved in geothermal resource acquisition and development.
The goal of this partnership is to develop geothermal technologies and carry out feasibility research to meet the growing demand for clean energy.
Insight Into SAPMF’s MoU
The MoU will augment Saipem’s research and development program, which provides innovative solutions for energy transition, including geothermal energy that utilizes the natural heat within the earth’s sphere.
The accord will focus on three main areas — advanced geothermal energy solutions, offshore geothermal energy, and conversion of old oil and gas wells. With its long-established track record in geothermal and offshore drilling, Saipem, which is an Italian oilfield services company, will lead the consortium for feasibility studies by assessing the technical solutions and identifying the technological gaps. Both Geolog and Ignis H2will contribute to the evaluation of geological formations, resource availability and drilling technologies.
Through this partnership, the companies are well-positioned to address the problem of difficulty in accessing geothermal energy. The companies are planning innovative advancements in technology to tap the energy from terrestrial heat sources, which lies unexplored due to accessibility challenges.
Looking Forward
The potential of geothermal energy still remains underutilized despite being a reliable source of clean energy. Saipem is committed to changing this by making technological innovations in the geothermal sector, which can help its clients achieve the target of net zero emissions.
SAPMF’s Zacks Rank
Currently, SAPMF carries a Zacks Rank #4 (Sell). Although the company is a leader in oilfield services through its technological know-how, there has been a slowdown in drilling activities across the oil and gas resources in the world. Lower drilling activities will likely lead to reduced demand for oil field service players like SAPMF. Other leading oilfield service companies that may also get hurt due to slowing drilling programs are Halliburton Company (HAL - Free Report) , Baker Hughes Company (BKR - Free Report) and Schlumberger Limited (SLB - Free Report) . While Baker Hughes and Halliburton carry a Zacks Rank #3 (Hold) each, Schlumberger has a Zacks Rank of 4.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.