Geothermal energy has significant potential to provide stable and clean energy. According to the International Energy Agency (IEA), modern technologies can significantly expand the use of geothermal resources, making them accessible to most countries in the world.

Currently, geothermal energy accounts for only about 1% of global electricity production. However, it is projected to account for up to 15% of the world’s electricity consumption growth by 2050, second only to solar and wind power. This implies the installation of up to 800 GW of geothermal capacity, capable of producing about 6,000 TWh per year, which is comparable to the current electricity consumption of the United States and India combined.

One of the key advantages of geothermal energy is its ability to provide electricity generation around the clock with a high capacity factor (CFF), which exceeded 75% in 2023. In addition, geothermal plants can respond flexibly to changes in demand, supporting grid stability and facilitating the integration of variable renewables such as solar and wind.

The IEA highlights that the oil and gas industry can play a critical role in the development of geothermal energy. Up to 80% of the required investment is related to technologies and skills already used in the oil and gas sector, such as subsurface assessment, modelling, drilling and surface operations. The active involvement of oil and gas service companies in the development of geothermal projects can significantly accelerate their deployment and improve their competitiveness.

Appropriate public policy and regulation measures are needed to achieve these goals. While more than 100 countries have support programs for solar and wind energy, only 30 have developed similar measures for geothermal energy. Including geothermal energy in national energy strategies with clear targets and support for innovation can significantly facilitate its development.

Thus, the integration of oil and gas industry experience and technologies into the development of geothermal energy, supported by government support, could lead to a significant increase in its share in the global energy balance, ensuring a sustainable and reliable energy supply in the future.