Geothermal energy, although currently contributing less than 1% to global energy production, has the potential to supply 140 times the world’s energy demand and project innerspace geothermal is looking to be part of the energy change. Next-generation geothermal, including engineered, advanced, and hybrid systems, can be used for heating, cooling, and power generation . Scaling geothermal requires leveraging the oil and gas industry’s expertise and infrastructure .
Transition from Oil & Gas
Jamie Beard of Project InnerSpace [1] aims to engage the oil and gas industry in geothermal development, especially given the downturns in the oil and gas sector . Skills in fracturing, geophysics, geology, and drilling from the oil and gas industry are transferable to geothermal development . Over 150 oil and gas entities are participating in a consortium working on geothermal. The oil and gas industry’s supply chain may also play a role in the geothermal transition .
Financial and Business Model
Geothermal offers a stable, long-term income through power purchase agreements and heat-as-a-service models, unlike the commodity-based oil and gas sector . Geothermal energy is an underinvested and undercapitalized solution, partially due to the misperception that it’s limited to regions like Iceland . Project InnerSpace is creating novel financial instruments to support first-of-a-kind geothermal projects .
Talent and Innovation
Geothermal offers long-term energy security, contrasting the finite nature of oil and gas, and can attract talent seeking careers in appealing sectors . The industry faces a brain drain as young talent seeks careers in more appealing sectors . Geothermal presents hard engineering problems that can attract talent and drive innovation .
Global Opportunities
The United States has significant geothermal development opportunities, with support from the current administration . Project InnerSpace focuses on regions with high energy demand, including India, Asia, South America, and Africa . China has invested heavily in geothermal energy, including research and development and heating/cooling networks .
Heating, Cooling, and Energy Storage
Geothermal excels in heating and cooling applications and underground energy storage . Addressing heating and cooling needs could reduce global electricity usage by 50% . Geothermal can provide heating and cooling in regions facing energy poverty and extreme temperatures .
Project InnerSpace Initiatives
Project InnerSpace is developing Geomaps, a global geothermal prospecting tool, and launching projects in the UK and Indonesia. They are also working to convert a chemical industrial facility in India from coal to geothermal process heat .
References
- Project InnerSpace 2025 https://projectinnerspace.org/
- Is Geothermal the Future. 2025 Podcas Ep 207 https://www.cleaningup.live/is-geothermal-the-future-for-oil-gas-ep207-jamie-beard/
- Next Generation Geothermal Technologies 2024 Engineering with Rosie https://www.youtube.com/watch?v=vXue9EQt-Wg
- The Future of Geothermal Energy 2024 https://www.iea.org/reports/the-future-of-geothermal-energy
