US DOE announces $15m funding for innovative geothermal drilling projects
The U.S. Department of Energy will be funding projects in Colorado and California that aim to improve drilling rates and reduce geothermal development costs.
The U.S. Department of Energy has announced over USD 15 million in funding for two project that aim to reduce the cost of geothermal projects by improving drilling rates. The selected projects are as follows:
- Geothermal Limitless Approach to Drilling Efficiencies (GLADE) (Denver-Julesburg Basin, Colorado) – Occidental Petroleum and its partners from industry, national laboratories, and academia will drill twin high-temperature geothermal wells using existing and novel drilling technologies. The team plans to drill to deeper and hotter depths than most existing geothermal, and at a faster rate. (Approximate Award Amount: $9 million)
- Evaluation of Physics-Based Drilling and Alternative Bit Design (The Geysers Geothermal Field, California) – Geysers Power Company and its partners from industry, national laboratories, and academia will deploy innovative drilling technology and methodologies to increase drilling rates by at least 25%. The work will include tests of varying methods in a range of temperatures and conditions. (Approximate Award Amount: $6.2 million)
These new demonstration projects aim to leverage experience from oil and gas, as well as laboratory research and academic expertise, to dramatically reduce drilling costs and help make geothermal more cost-competitive with other energy sources.
This investment also aims to make progress toward the Enhanced Geothermal Shot target of reducing the cost of enhanced geothermal systems by 90% by 2035, as well as overarching goal of the Biden administration of a clean electricity grid by 2035 and net-zero economy by 2050.
Source: U.S. Department of Energy
