About this event
This live webinar provides an introduction to the latest report from Rethink Energy, 'Geothermal Forecast to 2050'.
If you’re in strategic planning for an oil company, investor, government policy, or an oil services company, you must take into account the speed at which drilling will shift from oil discovery to geothermal services. This new report from Rethink Energy puts planning parameters on that, and shows that the timing is a lot closer than most people in this community currently believe.
Geothermal system design has recently gone through a transition so that many “closed loop” systems can be installed anywhere. This, and the continued opening up of enhanced geothermal system based on fracking techniques, will lead to a rapid abandoning of traditional geothermal and installations reaching a peak of over 17 GW thermal of additional capacity per annum, and a cumulative installed base of just over 245 GWth by 2050. Traditional geothermal drilling will start to slow almost overnight, as both oil companies and major oil services companies – known for their drill ownership and geological expertise – embrace closed loop and EGS systems and push to over 1 GWth per annum in the next three years from a base of just a few hundred MW right now.
