US DOE to invest on leveraging oil and gas expertise for geothermal
The US DOE funding will go towards creating a roadmap and doing research to address the technology and knowledge gaps in geothermal using knowledge from the oil and gas industry.
The U.S. Department of Energy has announced up to USD 165 million in funding for the Geothermal Energy from Oil and Gas Demonstrated Engineering (GEODE) initiative. This project aims to leveraging the expertise from the oil and gas industry to address technology and knowledge gaps in geothermal energy.
An initial USD 10 million will go towards developing a roadmap to advance geothermal energy based on best practices used within the oil and gas industry. DOE will then use that roadmap to fund up to an additional USD 155 million in research to address the technology and knowledge gaps. This funding opportunity supports President Biden’s priorities to deploy clean energy sources to combat climate change, strengthen our energy independence, and create good-paying jobs.
An award of up to USD 10 million will be used to select the entity to run the GEODE effort and create a roadmap for subsequent years’ research and outreach initiatives. Any awards beyond the first year are dependent on future Congressional appropriations. Applications for GEODE are due by October 28, 2022. To learn more and access the full Funding Opportunity Announcement, read DOE’s summary web page.
“The U.S. has incredible, untapped geothermal potential beneath our very feet, which can be harnessed to meet our energy demands with a round-the-clock, clean renewable resource,” said U.S. Secretary of Energy Jennifer M. Granholm. “Leveraging the extensive knowledge, technology, skill, and experience of the oil and gas sector is the perfect way to tackle barriers to geothermal deployment while also giving fossil-fuel-based communities and workers a role in the transition to clean energy.”
Although the U.S. geothermal resource is vast, only a small portion of it has been developed due to unique challenges associated with subsurface environments, along with process issues of geothermal projects, such as long permitting timelines.
The oil and gas and geothermal industries have numerous similarities that provide new opportunities for geothermal expansion—from advances in drilling and well construction to co-production possibilities in existing oil and gas basins. Accessing the expertise, technologies, and experience of the larger domestic oil and gas industry can help overcome barriers and encourage private investment.
These advances and access to capital can help the country realize the exponential growth potential of geothermal energy. Through industry collaboration, geothermal deployment can expand at least 60 gigawatts of clean, reliable electricity-generating capacity—enough to power more than 40 million American homes.
Source: U.S. Department of Energy