Delivering an alternative solution for geothermal well enhancement
22 July 2022
Commentary by Kristian Solhaug, VP Business Development & Account Management, Oil and Gas and Geothermal.
According to the latest publication of Rystad Energy’s geothermal dashboard, spending on geothermal activity is expected to increase over the coming years, with global well capital expenditure potentially increasing to $3 billion in 2026.
At the end of last year, Eirik Renli, our CEO said that as a business, we were increasingly looking towards emerging markets like geothermal. We view the sector as a real long term growth market, and one where we believe our technology and expertise can be utilised to deliver success for customers. Following extensive planning in the early part of 2022, we formally announced our entrance to the geothermal market last month. In our latest website commentary, I’d like to look more into what brought us to the market, and where we see the benefits that Fishbones can bring to the sector.
The move into this new market will see us leverage our expertise as stimulation experts. We are confident that we can provide an alternative approach for geothermal well enhancement, and one which helps operators make the most of available resources.
I speak on behalf of the whole team when I highlight how excited we are about how Fishbones can support the industry with our unique approach. We are providing operators with the renewed confidence they need to access complex reservoirs, delivering Enhanced Geothermal System (EGS) activity on even the most challenging, deepest and tightest wells. By working in partnership together with our customers, we will deliver increased geothermal activity across all global hotspots.
Increasing the economic performance of operations
Prior to undertaking any operational activity, our experienced team will always undertake rigorous core testing to mimic various conditions and outcomes. This initial planning stage highlights the optimal route to achieve enhanced output. By taking this important step, we can ensure that the ultimate result is a solution that maximizes resources, removing the need for additional drilling and the knock-on cost, time and environmental impacts of fracking or acid-based alternatives.
I also believe that one of the most important facets of our technology is that it can deliver geothermal connectivity across all rock types. Our subs, which are run on a reservoir liner string, work in partnership with our backbone open hole anchors and activation shoe. These components mean that successful drilling systems can be installed and maintained while in reservoir.
With this approach, we are able to connect fractures in the formation rock, and as such, we are changing the game in geothermal technology. It will support increased activity, with greater chance of success.
Unique fracking-free approach that is approved for use across all markets
Our alternative solutions use a unique fracking-free approach, which in turns removes any potential for the contamination of water tables. By only using water or water-based fluids as part of the activity, we will provide the market with a geothermal method that is safer, more environmentally friendly and is authorized to be used in all markets across the globe. Of course, as with all our activity, the ongoing energy transition must be considered. Because of that, I am proud to state that this technology is proven to reduce CO2 emissions by up to 95% compared to fracking alternatives.
We see several key benefits derived from our solution:
Smaller footprint: with a simple deployment process that sees all laterals drilled simultaneously, we can ensure a low footprint compared to larger fracking spreads.
Cost: our cost-effective solution can deliver accelerated production, increased flow and increased accuracy.
Fracking-free: our fracking-free approach can be used in all markets, including regions where fracking is banned.
One stop-shop for stimulation from planning through to production
We are providing the market with a solution that maximises resources, removes the need for additional drilling and delivers deep geothermal connectivity across all rock types, at all stages of a well’s lifecycle.
Our track record speaks for itself, but I am always happy to discuss any questions or queries face-to-face. Please don’t hesitate to get in touch. We also have plans to attend several trade shows before the end of the year, with more due to be announced on this over the coming weeks. We look forward to meeting more of those involved in the geothermal industry and outlining where we see our position.
This in an exciting time for Fishbones as we continue to support operators across the energy sector. We remain committed to lowering risk, lowering cost and guaranteeing deep reservoir connectivity and look forward to a positive second half of the year.