The eyes of the world watch on as renewable energy sources rise in prominence across the energy sector as operators across the globe are steadfast in their urges to greenify their operations. Geothermal energy demonstrates itself as a sustainable energy source that relates closest to the processes used in traditional oil and gas extraction methods, thus presenting itself as the natural next step in transitioning to renewables.
However, the process is not that simple, as one of the major factors holding the industry back is that of prominent gaps in the supply chain. Drilling equipment and availability of machinery is hindering the industry from moving forward as it is a matter of finding the best business incentive– drilling operators are reluctant to sign contracts as the scope of work required for completing new geothermal projects may far outweigh the initial financial benefits.
The key initiative to bridging the gaps in the supply chain and ensuring the development of the industry in a cost effective manner is that of operator collaboration to fully optimise the supply chain. Encouraging cross-industry collaboration can increase geothermal capabilities tenfold. Creating geothermal energy doesn’t have to be a hugely complicated equation: all it needs is a well.
One of the most noticeable examples is through the repurposing of oil wells once they have reached the end of their lifecycle. Operators can save huge costs by collaborating with geothermal companies to change their liabilities into profitable assets, not only from a monetisation sense, but for the planet as well.
Offshore Network’s newly established North America Geothermal Transition Summit 2023 (GTS NA 2023), hosted in Houston on May 23-24, will provide a platform in which the oil and gas industry and those within the geothermal sector can come together to move forward. With panel discussions and presentations relating to key topics such as Repurposing Opportunities, Supply Chain Optimisation, and Emerging Innovations, the key theme of GTS NA 2023 is to work together to create a sustainably prosperous energy sector.
The conference is shaping up to be a pioneering pilot event, with expert speakers from Geothermal Rising, Baker Hughes, Repsol, Alta Rock Energy, Fervo Energy and more already confirmed. The jam-packed agenda only has limited speaker and sponsorship allocations remaining.
For more information regarding those opportunities, please reach out to Dominic Steffen at [email protected] or visit the website for a breakdown of the agenda and key topics of discussion: https://offsnet.com/gts-na
