New joint venture targets global geothermal market

According to a recent IEA report, new techniques are opening up geothermal potential in areas of the world previously deemed unsuitable. Known as enhanced geothermal systems (EGS), these methods borrow from oil and gas exploration, fracturing geological rock so that hydrothermal convection can tapped for energy.

The IEA says that growth in the sector could attract investment of $1 trillion over the next decade if these technologies are adopted, with costs dropping as low as $50 per MWh. If project costs continue to decline, the report predicts that geothermal energy could meet 15 per cent of global electricity demand growth between now and 2050.

In light of this, well management specialist Elemental Energies and geothermal drilling services contractor Iceland Drilling are teaming up on their new joint venture (JV). According to the partners, the JV will support increasing project demand by integrating well engineering, subsurface, drilling, and project management.