Geothermal goes global, just in time to save oil service $billions

Geothermal system design has recently gone through a transition so that many “closed loop” systems can be installed anywhere. This will lead to a rapid abandoning of traditional geothermal by global oil services companies and rising installations reaching a peak of 17 GW thermal of additional capacity per annum, and a cumulative installed base of just below 245 GW thermal by 2050. Traditional geothermal drilling will start to slow almost overnight, as all the major oil services companies – known for their drill ownership and geological expertise – embrace closed loop systems and push to over 1 GWth per annum in the next three years from a base of just a few hundred MW right now. This is primarily because…