Oil companies may finally invest in geothermal in 2021 Quartz 1/19/2021 © Provided by Quartz
No one is better at digging holes than the oil and gas sector. Over the last century, the industry has perfected the art of extracting fossil fuels many miles below the surface.
Its future, however, may be in digging for heat. The prospects for geothermal energy extracted from the nuclear furnace at the Earth’s core are rising after decades in the doldrums. In 2021, oil and gas majors are poised to make the first major geothermal investments in more than 30 years, say industry experts and energy executives, as financial returns on fossil fuels tank.
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Can Geothermal Power Play a Key Role in the Energy Transition?
Aided by advances in deep-drilling technology for fracking, engineers are developing new methods of tapping into the earth’s limitless underground supplies of heat and steam. But the costs of accessing deep geothermal energy are high, and initial government support will be crucial.
A river of hot water flows some 3,000 feet beneath Boise, Idaho. And since 1983 the city has been using that water to directly heat homes, businesses, and institutions, including the four floors of city hall all told, about a third of the downtown. It’s the largest geothermal heating system in the country.