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Saturday, June 3, 2023

Abu Dhabi’s ADNOC Drilling inks multi-year deal with Masdar to develop and invest in geothermal energy projects

Dubai: ADNOC Drilling will join forces with Abu Dhabi-based clean energy pioneer Masdar to explore possibilities to develop, invest and advance the energy transition in the UAE and globally.

Under the five-year agreement, Masdar will partner with ADNOC Drilling to develop geothermal energy projects. The two companies will evaluate the potential of ADNOC Drilling to provide geothermal drilling services.

In addition, existing wells operated by ADNOC present “opportunities to retrofit renewable geothermal energy,” raising the prospect of “higher efficiency and sustainability.”

What is Geothermal?

Geothermal energy uses heat generated within the Earth’s core to provide a constant source of energy, unlike the more intermittent nature of solar or wind energy. “Harvesting geothermal energy is extremely challenging, and research conducted by Masdar has shown the need to deploy new drilling and completion technologies to make the entire process more cost-effective,” a statement said.

Masdar – whose business model is centered around clean energy – entered the geothermal energy space last February, investing in Indonesia’s Pertamina Geothermal Energy (PGE), one of the world’s largest companies in the field. “Masdar believes that geothermal energy could play an important role in the clean energy transition, helping countries with high concentrations of geothermal activity reduce carbon emissions,” the statement added.

unleash new potential

Mohamed Jameel Al Ramahi, CEO of Masdar, said: “We are delighted that geothermal energy can play an important role in helping to drive the global energy transition, and we look forward to working with ADNOC Drilling to realize this potential.”

Digging Deep with ADNOC Drilling

Under the MoU, ADNOC Drilling will support Masdar in deploying geothermal energy globally as a technical expert and consultant. The two will jointly assess the potential of ADNOC Drilling to provide geothermal drilling services.

Abdulrahman Abdulla Al Seari, Chief Executive Officer of ADNOC Drilling, said: “Geothermal energy has huge potential globally and energy developers are challenged to ensure that wells are delivered cost-effectively in a smart and innovative way. Our integrated drilling services offering can bring advanced Efficient start-to-completion drilling and completion technologies give Masdar the potential to generate clean geothermal energy to cool thousands of homes and office buildings.”

Masdar is active in more than 40 countries and has a portfolio of renewable energy projects with a total capacity of approximately 20GW.

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