Investments in Geothermal Heat Up

While geothermal methods currently supply only a small share of global power, the technology is getting attention, especially from the O&G drilling crowd.

There are a lot of different approaches in the works, from sophisticated horizontal drilling and fiber optic sensing by Fervo Energy to harnessing energy-dense geothermal resources miles below the Earth’s surface by Quaise Energy. 

from sandvik

Many experts see geothermal as yet another piece of the energy transition puzzle. No silver bullet, by any means, but another technology in the mix. 

Oil and gas companies are continuing to invest in geothermal. 

UTI: No Antibiotics Needed

Patterson-UTI Energy made a strategic investment in Houston-based geothermal energy firm Criterion Energy Partners. 

Criterion’s geothermal energy projects are designed to be co-located at commercial and industrial facilities, drawing from subsurface heat to provide a supplemental source of renewable power. They use a combination of proprietary designs alongside existing processes and technology from drilling oil and gas wells.

Quidnet Pro Quo

Quidnet Energy and CPS Energy recently entered into an agreement for a grid-scale, long-duration Geomechanical Pumped Storage (GPS) project in Texas. The project will support CPS Energy’s ‘Flexible Path’ Resource Plan to reduce net emissions by 80 percent by 2040.

Quidnet’s GPS energy storage technology pumps water underground and stores it between impermeable rock layers. The rock performs like a natural spring and holds the water under pressure. When the project is called upon to supply electricity, the pressurized water is released to power a hydroelectric turbine that generates emission-free electricity. The entire process is closed-loop to conserve water resources.

Geothermal could help companies dig deep in the energy transition.