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“The Green Oilman” behind ambitious geothermal heating project in Finland

Drilling rig on project site in Otaniemi, Finland (source: St1)
Carlo Cariaga Carlo Cariaga 9 Apr 2019

The brainchild of the "Green Oilman" Mika Anttonen, the St1 Deep Heat project hopes to develop more productive geothermal wells by drilling much deeper than typical geothermal wells.

Geothermal wells are typically drilled to only about 2000 km deep, but the St1 Deep Heat Project dares to defy conventions by setting targets at a depth of up to 4 miles. Although the idea of drilling to this depth was once unthinkable, the team of scientists and engineers believe that this well can produce enough heat to warm a small city.

The ambitious St1 Deep Heat geothermal heating project in Espoo, Finland is driven by large oil company St1 founded by billionaire Mika Anttonen. In an article published recently on Barrons.com, a bit of a background is given on the branded “Green Oilman”.

With about 1,400 service stations in three countries and annual sales of around $6 bn, it is remarkable seeing the company going after geothermal energy. He even advocates for stronger restrictions on carbon intakes of companies like his own, and thinks “fossil-fuel producers should be held to the same renewable-energy standards as EU member states.”

According to Anttonen, as much as 85% of today’s fossil fuel requirements can be replaced by renewable energy. Most of the renewable energy project in his company’s portfolio are profitable.

For the full article, see link below.

Source: Barrons