The birth of the Geothermal tools landscape
We have seen a resurgence of geothermal as a viable energy alternative. As Oil & Gas drilling techniques have advanced so has the efficiency of drilling wells. These new lower economics of drilling wells, combined with higher temperature technology in the MWD space, have combined to open up new geo-thermal markets worldwide.
Our Hot Take on Geothermal
We've already accomplished many significant milestones in Downhole Drilling in our company, but we are nowhere near satisfied with what boundaries we can push further within the energy industry. We want to think of our oil and gas experience as the base foundation for our entrance into the energy industry's Geothermal segment.
The Oil and Gas industry has endured trial and error of R&D within the last 100 years. During the 70's-80's exploration cost of these Geothermal wells was the main roadblock to adoption. Thanks to the advancement of technology through horizontal drilling, fracturing, and geological sensing, we can now consider these types of wells to be profitable. The oil and gas sector can now transplant all of the technological advancements into geothermal energy production.
What’s the big deal about closed-loop geothermal?
Closed-loop Geothermal systems continuously circulate a heat transfer solution through buried or submerged pipes. The loop is filled just once and requires only a moderate amount of solution. The same solution is used again and again in a closed-loop. These underground pipes connect to an indoor heat pump to provide heating and cooling. Cold fluid is pumped downhole, through the Earth's natural heating process, the liquid becomes heated and then rises again which then turns a turbine.
This system works by drilling two very deep wells that meet downhole, allowing for the 'closed-loop circulation of fluid from one side to another. Drilling these wells will be performed by the same drilling rigs used for oil & gas drilling; therefore, the robust oil & gas drilling experience helps the emerging geothermal segment.
Why we’re excited?
One of our company's core values is to improve and advance in what we do continuously. As Geothermal receives increased interest within the energy industry, we look forward to exploring these new technological opportunities. Advanced MWD systems and magnetic ranging devices will be utilized in Geothermal drilling techniques. The directional system helps you know where you're going, and a ranging system helps connect the wellbores. It is crucial to have this precise navigation along with the magnetic ranging component.
As this technological transition happens, it allows for newer technological companies to take the reigns and push us into the future to drill geothermal wells rather than be reliant on technology stacks from yesterday's oilfield majors. We predict that getting to 300 degrees Celsius in 10 years will make a considerable industry impact. To accomplish this, we must build extreme high-temperature systems to be able to drill deep enough to be able to produce an effective amount of power. As geothermal wells can drill deeper, the more power they can produce, the better the financial picture will look to energy investors. Suppose we can do our part to make the geothermal segment an economical source of energy. In that case, we will be taking a serious step to reducing our carbon footprint in the energy industry, which excites us!