Abu Dhabi's ADNOC Drilling, Masdar in multi-year deal to develop, invest in geothermal energy projects
Masdar signs ADNOC Drilling to support its move into geothermal energy
Dubai: ADNOC Drilling will jointly explore with Abu Dhabi’s clean energy pioneer Masdar possibilities to to develop, invest and advance energy transition in the UAE – and globally too.
Under the scope of the five-year deal, Masdar will work with ADNOC Drilling on geothermal energy projects. The companies will evaluate the potential for ADNOC Drilling to provide geothermal drilling services.
Also, existing wells operated by ADNOC present an 'opportunity to be retrofitted for renewable geothermal energy' and thus raise the prospects for 'greater efficiency and sustainability'.
What's geothermal about?
Geothermal energy taps into heat generated within the Earth’s core to provide a constant energy source, and unlike solar or wind that are more intermittent in nature. "Accessing geothermal energy can be extremely challenging, with studies conducted by Masdar demonstrating the need to deploy new drilling and completion technologies to drive cost efficiencies across the entire process," said a statement.
Masdar - whose business model is centred on clean energy - entered the geothermal energy space in February last, with an investment in Indonesia’s Pertamina Geothermal Energy (PGE), one of the world’s largest names in this field. "Masdar sees geothermal energy as potentially playing a significant role in the clean energy transition, helping nations with a high concentration of geothermal activity to reduce carbon emissions," the statement added.
Unlocking new potential
"We are excited about the important role that geothermal can play in helping to drive forward the global energy transition, and we look forward to working with ADNOC Drilling to realize that potential," said Mohamed Jameel Al Ramahi, CEO, Masdar.
Digging deep with ADNOC Drilling
Under the MoU, ADNOC Drilling will come in as technical expert and advisor to support Masdar’s deployment of geothermal energy around the world. The two will jointly evaluate the potential for ADNOC Drilling to provide geothermal drilling services.
“Geothermal energy has enormous global potential and energy developers are challenged to ensure smart and innovative ways to deliver cost-effective wells," said Abdulrahman Abdulla Al Seiari , CEO of ADNOC Drilling. "Our integrated drilling services offering can bring advanced, efficient start-to-finish drilling and completion technologies to enable Masdar the potential to generate clean geothermal energy to cool thousands of homes and office buildings.”
Masdar, active in over 40 countries, has a portfolio of renewable energy projects with a combined capacity of around 20GW.