The predicted 41% decline in active oil and gas rigs in Alberta leaves a window of opportunity for Canada’s nascent geothermal industry.
Tyler Hamilton of the Corporate Knights writes a compelling article about declining employment in the Canadian oil and gas industry at a time when the geothermal market is gaining speed.
The article states:
“In Alberta, the cost of hiring a drilling contractor in an overheated oil market can represent up to 30 per cent of the cost of a typical geothermal power project. Under current market dynamics, however, “our whole capital expenditure has just come down by 15 per cent,” Thompson said.”
Will Alberta see the opportunity for an emerging clean energy industry?
Fortuitously, a Technology Transfer Workshop Between the Oil and Gas and Geothermal Industries will be held at the Calgary Petroleum Club on Monday.