GRC Seeks Feedback from Geothermal Stakeholders to Generate Cash Flow amidst COVID-19
The U.S.-based Geothermal Resources Council (GRC)-an international non-profit association for geothermal energy is addressing the issues of job scarcity, owing to the ongoing COVID-19 (coronavirus) pandemic. Shutdown of oil & gas industries has compelled the GRC to issue a special message for service and equipment manufacturer companies in the geothermal drilling rig market. The GRC is encouraging service and consultant companies in the geothermal industry to keep the cash flowing by taking up new drilling projects. Rescheduling of work plans and well workovers have become constant amidst the COVID-19 era.
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The GRC is increasing efforts to seek feedback from companies in the geothermal drilling rig market to quantify the economic and job creation impact. As such, the oil and gas downturn triggered by the COVID-19 impact is directly affecting revenue generation activities in the market landscape.
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Fluid Hammer Drilling Technology Unlocks Potentials in Inaccessible Geothermal Energy Sources
Fluid hammer drilling technology is helping geothermal plant owners to reduce drilling costs. For instance, Strada Global— an innovative deep drilling company is increasing efforts to help plant owners reduce drilling costs with the help of its patented technology of Fluid Hammer Operating System (FHOS), which taps inaccessible geothermal energy sources. As such, the fluid hammer drilling technology is revolutionizing traditional drilling methods and is making large-scale geothermal applications profitable.
Manufacturers in the geothermal drilling rig market are increasing their efficacy in the testing of unique and patented deep drilling technologies such as the fluid hammer drilling technology. This technology is advantageous in critical infrastructure projects that require fast, safer, and affordable drilling. Geothermal energy stakeholders are increasing the applicability of the fluid hammer drilling technology in hard rock drilling, owing to its safety in downhole condition controllability.
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Ruggedized Communication Technology Creates Business Expansion Opportunities in Aerospace
Optimization of geothermal drilling technologies is helping rig manufacturers to gain funding from government organizations. For instance, the U.S. Department of Energy (DOE) has announced a funding of US$ 22 Mn in grants for two companies under the energy efficiency and renewable energy innovation program. In this way, small-scale companies in the geothermal drilling rig market can demonstrate their technical feasibility in the field of energy efficiency through government funding.
Companies in the geothermal drilling rig market are acquiring global recognition by adopting ruggedized communication technology. This technology helps to facilitate high temperature directional drilling and in increasing exploration depths. The ruggedized communication technology is creating revenue opportunities for companies in the market for geothermal drilling rigs, since the tech acts as a data backbone for subterranean drill-strings. As such, equipment manufacturers are exploring untapped opportunities in high temperature applications for aerospace and industrial controls with the help of the novel technology.
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