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.
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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.
“We are incredibly excited about the potential this joint venture offers,” said Mike Adams, CEO of Elemental Energies.
“By combining our technical expertise in subsurface and well engineering with Iceland Drilling’s advanced geothermal drilling services, we are in a strong position to lead the charge in delivering scalable solutions to the global geothermal market. We are committed to supporting the next phase in the sector’s growth and are proud to be doing so alongside Iceland Drilling.”
Together, the partners will offer a full suite of integrated services, including early project planning, feasibility studies and subsurface modelling through to conceptual and detailed engineering, integrated drilling services, project management and operational execution.
"This partnership represents a unique opportunity to expand our role in the geothermal sector,” sais Sveinn Hannesson, CEO of Iceland Drilling.
“As projects scale, they will require consolidated expertise to meet increasing demand. This JV brings together leading capabilities in well engineering and well construction to enhance coordination, reduce risk, and manage costs. By integrating these critical services, we aim to accelerate project execution and make geothermal development more efficient and cost-effective."
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