Geode Consortium Launches Geothermal Energy Initiative in September 2024

On September 11, 2024, a significant initiative was launched to enhance the geothermal energy sector, driven by a collaborative effort among over 100 partner entities in the energy industry. The Geothermal Energy from Oil and Gas Demonstrated Engineering (GEODE) initiative, supported by $10 million in funding from the U.S. Department of Energy, aims to create a roadmap for the growth and development of geothermal energy. This initiative seeks to leverage the expertise and technologies from the oil and gas industry to unlock geothermal energy's potential. The GEODE consortium is led by Project InnerSpace and the Society of Petroleum Engineers, bringing together experts to foster innovation in geothermal technology. Jamie Beard, the Founder and Executive Director of Project InnerSpace, emphasized the importance of this collaboration in accelerating geothermal technology from research to deployment. The initiative aims to create a platform for transparent discussions and the adoption of best practices to tackle challenges in the geothermal sector. Key areas of focus for GEODE include technology transfer, demonstration and deployment, financial and policy barriers, and workforce development. Simon Seaton, CEO of the Society of Petroleum Engineers, highlighted the opportunity for oil and gas professionals to contribute their knowledge towards a sustainable energy future. The initiative represents a strategic move to redefine the energy landscape by integrating the strengths of both industries. Overall, GEODE is positioned as a catalyst for geothermal innovation, aiming to advance the adoption and deployment of geothermal technology while addressing the increasing global energy demand. This multifaceted approach is expected to pave the way for a geothermal-powered future, benefiting both industries and society at large.