Bloomberg: Hot water from oil & gas wells turning into business opportunity
Bloomberg aks, "For every barrel of oil produced from a well, there’s another seven of water, much of it boiling hot" - Could this be an opportunity for geothermal to diversify?
Fracking has been growing exponentially in the last decade and there are many criticisms to the imapct it has on the environment. There is however a possible positive outcome for the shale gas industry, the utilization of the hot water that emanates from their wells in the process for geothermal purposes.
According to Bloomberg Business, “For every barrel of oil produced from a well, there’s another seven of water, much of it boiling hot. Instead of letting it go to waste, some companies are planning to harness that heat to make electricity they can sell to the grid.”
The same source explains that “Though the technology has yet to be applied broadly, early results are promising. And if widely adopted, the environmental and financial benefits could be significant. Drillers in the U.S. process 25 billion gallons (95 billion liters) of water annually, enough to generate as much electricity as three coal-fired plants running around the clock — without carbon emissions.”
This could also help fracking companies “greenify” their business practices by utilizing runoff water and provide green, clean energy and at the same time earn more money on the side, possibly creating a more profitable counter punch to he current costs for oil.
To read more on the topic, follow the link below:
Source: Bloomberg Business