SLB ( NYSE: SLB ) said Wednesday it is collaborating with the government of Oman to assess the potential for development of the country's geothermal resources .
The company formerly called Schlumberger ( SLB ) said it evaluated more than 7,000 oil, gas and water wells in Oman during the past three months to map potential sites for geothermal projects.
The next phase of the collaboration will include assessment of the economic feasibility of the development of potential geothermal resources.
SLB ( SLB ) said it is working with Oman's Ministry of Energy and Minerals as well as its sovereign wealth fund, Oman Investment Authority.
SLB ( SLB ) "oozes free cash flow and confidently contends that it can sustain a 15% CAGR over the next several years," Michael Wiggins de Oliveira writes in an analysis published recently on Seeking Alpha .
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SLB to team with Oman on developing geothermal resources