CeraPhi signs exclusive agreement with Halliburton for drilling and well intervention
UK-based CeraPhi Energy has entered into an exclusive services agreement with Halliburton for well engineering support.
CeraPhi Energy has entered an exclusive drilling and intervention services agreement with Halliburton in exchange for in-kind engineering and project management support to CeraPhi.
CeraPhi Energy has turned to Halliburton for its global expertise in well engineering and its seven decades of geothermal experience as part of CeraPhi’s plan to develop a global geothermal energy development company.
The initial focus of the agreement will be to support CeraPhi’s existing opportunities of repurposing end-of-life oil and gas wells in the UK and USA. The companies expect the first project within the UK to commence before the end of the year.
The CeraPhi team is focused on its front-end resource modelling. Halliburton will support the well engineering and development potential for CeraPhi’s patented technology CeraPhiWell™, a closed loop downhole heat exchanger that draws up subsurface heat for different applications for scalable baseload energy including:
- Low Temperature Climatised Agriculture
- Medium Temperature Heat Networks
- Medium Temperature Heating Systems and Industrial Processes
- Desalination and Water Treatment
- Power Generation
- Green Hydrogen through Electrolysis
CeraPhiWell™ is at the heart of CeraPhi’s strategy to de-risk geothermal energy scale-up using end-of-life and non-producing oil and gas wells and prove the “huge commercial potential” for geothermal energy production. CeraPhi supports efforts to enable access to over 500GW of additional geothermal energy by 2050 in line with Paris 2050 Climate Accord for carbon reduction.
“This is a very exciting stage of CeraPhi’s commercialisation and totally in line with our strategic plan to align ourselves with serious execution and delivery partners who believe in the tremendous opportunity for geothermal and have the ability to scale globally,” said CeraPhi CEO Karl Farrow.
“The oil and gas service sector is key to this transition and Halliburton has been in business for more than 100 years. They have been at the forefront of innovation and technology for well delivery, which is perfect for this collaboration. This collaboration is a natural fit and could be game-changing for geothermal’ s role in the energy transition and have a revolutionary impact on onshore oil and gas sector’s late life and ‘orphaned’ wells,” added Farrow.
CeraPhi recently announced a funding round that aims to raise USD 15 million that will go towards the expansion of the company’s overseas operations. Pre-registration for interested investors are currently being accepted.
Source: CeraPhi Energy