The global imperative towards sustainable energy development and the initiatives towards NETZERO have intensified research into unconventional energy resources. In this regard, the untapped potential of geothermal energy can be harnessed either conventionally or by repurposing the near-decommissioned hydrocarbon wells. This study analyses the Strengths, Weaknesses, Opportunities, and Threats (SWOT) associated with geothermal energy development. A qualitative analysis of various aspects such as (i) technical intricacies, (ii) environmental considerations, (iii) economic viability, and (iv) policies of repurposing the near-decommissioned hydrocarbon wells for geothermal heat has been performed. The technical aspects, namely, operational and reservoir conditions, and the heat extraction methodologies play a significant role in the feasibility of extracting geothermal heat. Also, the environmental considerations and economic viability encompass mitigating the cardon dioxide emissions and providing socio-economic benefits in the form of reduced upfront investment and operational costs. In addition, the utilisation of existing well infrastructure aligns with the UN Sustainable Development Goals and offers a feasible pathway to reduce the carbon footprint. Furthermore, by integrating technical insights with the environmental and economic attributes, this study contributes to the evolving discourse on sustainable energy transitions and offers a roadmap for unlocking the vast geothermal potential within existing oil and gas infrastructure.