{"id":65570,"date":"2024-12-13T09:59:10","date_gmt":"2024-12-13T17:59:10","guid":{"rendered":"https:\/\/energi.media\/?p=65570"},"modified":"2024-12-13T09:59:10","modified_gmt":"2024-12-13T17:59:10","slug":"oil-and-gas-industry-positioned-to-drive-geothermal-boom-iea","status":"publish","type":"post","link":"https:\/\/energi.media\/news\/oil-and-gas-industry-positioned-to-drive-geothermal-boom-iea\/","title":{"rendered":"Oil and gas industry positioned to drive geothermal boom: IEA"},"content":{"rendered":"

This article was published by The Energy Mix<\/a> on Dec. 13, 2024.<\/em><\/p>\n

By Christopher Bonasia<\/strong><\/em><\/p>\n

Geothermal, a \u201clargely untapped underground energy source\u201d, could become a cornerstone of decarbonized energy systems with the right support, writes the International Energy Agency in a new report. And the oil and gas industry could be \u201cinstrumental\u201d in making that happen.<\/p>\n

In its \u201cFuture of Geothermal Energy\u201d report released December 12, the IEA\u00a0highlights<\/a>\u00a0the oil and gas sector\u2019s unique ability to support geothermal\u2019s growth\u2014with its experience in handling liquids and gases, its vast financial resources, its research and development expertise, and its history of running large-scale, capital-intensive projects.<\/p>\n

Geothermal currently meets about 1 per cent of global electricity demand, but that could rise to 15 per cent by 2050 with continued technology investments that help reduce project costs, writes the IEA. Advancements are already benefitting the sector, and costs could plummet 80 per cent by 2035 to around $50 per megawatt-hour as a result. At that price, geothermal would be the cheapest source of dispatchable renewable energy, outperforming hydro and nuclear power and competing with wind and solar.<\/p>\n

The IEA says matching technological advancements with policy support, like inclusion in national energy agendas, could increase global geothermal investments to US$1 trillion by 2035 and $2.5 trillion by 2050. Employment in the sector could scale in step, increasing sixfold to one million geothermal jobs by 2030.<\/p>\n

\u201cImportantly, geothermal energy can draw upon the expertise of today\u2019s oil and gas industries by using existing drilling techniques and equipment to go deeper under the Earth\u2019s surface to tap into vast low-emissions energy resources,\u201d the IEA writes in a release. Already, the oil and gas industry operates 15 per cent of\u00a0 global geothermal capacity and contributes to the sector through services, laboratory studies, and specialized equipment. Many geothermal companies employ former oil and gas workers due to significant overlap in skills, adds the IEA, highlighting competencies like project evaluation, planning and management; drilling and completion; surface facility construction and maintenance; and operations and production monitoring.<\/p>\n

Applying oil and gas practices during a geothermal project\u2019s evaluation and planning phases could drive costs down by nearly 15 per cent, and a further 35 per cent reduction could be achieved by exploiting the overlap in surface practices and possible gains in drilling efficiencies, the IEA says.<\/p>\n

The agency also suggests that an expanded geothermal sector, which currently creates 145,000 jobs, could offer a secure career path in an energy transition that will affect the 12 million workers in oil and gas employment globally.<\/p>\n

But other research suggests these workers may be resistant to the shift. From 18 interviews with oilsands workers in Alberta, researcher Parker Muzzerall\u00a0found<\/a>\u00a0that many were opposed to leaving their jobs amid talk of a just transition. It went beyond the concern about finding a new career\u2014many voiced an appreciation for oil and gas itself, as well as a regional sense of pride in communities that are supported by, and reliant on, the industry.<\/p>\n

\u201cWhile climate advocates may shake their heads\u2014or fists\u2014at these findings, the feelings of my participants make perfect sense when you consider that, for these workers, the energy transition represents not just a threat to their livelihood but a threat to their community and way of life,\u201d Muzzerall writes in The Conversation.<\/p>\n

In July, 2021, a survey for Edmonton-based Iron & Earth\u2014a workers\u2019 organization born in the cafeterias of the Alberta oilsands industry\u2014found<\/a> that more than more than two-thirds of Canadian fossil fuel workers were interested in net-zero jobs, and nearly 90 per cent wanted training and upskilling to prepare for those jobs.<\/p>\n","protected":false},"excerpt":{"rendered":"

This article was published by The Energy Mix on Dec. 13, 2024. By Christopher Bonasia Geothermal, a \u201clargely untapped underground energy source\u201d, could become a cornerstone of decarbonized energy systems with the right support, writes [Read more]<\/a><\/p>\n<\/div>","protected":false},"author":6,"featured_media":65571,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"give_campaign_id":0,"footnotes":""},"categories":[1],"tags":[120,103,41,14,565,121,2440],"class_list":{"0":"post-65570","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-clean-energy","9":"tag-electricity","10":"tag-energy","11":"tag-featured","12":"tag-iea","13":"tag-innovation","14":"tag-just-transition"},"acf":[],"yoast_head":"\ngeothermal - Thoughtful Journalism About Energy's Future<\/title>\n<meta name=\"description\" content=\"Geothermal, a \u201clargely untapped underground energy source\u201d, could become a cornerstone of decarbonized energy systems with the right support.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energi.media\/news\/oil-and-gas-industry-positioned-to-drive-geothermal-boom-iea\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"geothermal - 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