Exploiting the earth’s energy to produce power and heat (geothermal) is not new. Plants have been operational since the 1960s, but many factors have given significant momentum to the industry. Several new exploration and production techniques are from the oil & gas (O&G) industry. These techniques have made the viability of projects much higher, as exploration companies can locate the required heat source. Closed-loop extraction techniques minimize the environmental impact on water tables and soil, making geothermal energy sustainable. Financing baseload renewable energy has become much more attractive for investors. Utilizing the heat produced by geothermal in district heating or for own use in oil & gas operations helps decarbonization. The total installed capacity globally is estimated to increase from 15.9 GW in 2022 to 21.3 GW in 2030 at a CAGR of 3.71%. This increase will see a total investment of $11.3 billion, rising from $358 million in 2022 to $1.83 billion in 2030.
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