Corporate Knights - Geothermal Silver Lining to Oil Patch Downturn

Corporate Knights editor, Tyler Hamilton, recently featured CanGEA in an article "Geothermal industry reaches out to out-of-work oil drillers," highlighting the opportunity created by the downturn in the Canada's oil patch. The decline in drilling prices, which typically make up approximately 30 percent of a geothermal project's budget, has brought down the high upfront costs of a geothermal project to approximately 15 percent. This makes initiating a geothermal project in Canada more favourable than ever before. Additionally, a geothermal project creates a demand for drillers and other oil & gas service providers. This could help put some of Canada's oil patch employees back to work, which as predicted by the Canadian Association of Oilwell Drilling Contractors could reach 23,000 this year. You can read the full article on this mutually beneficial relationship by following this link.

"You're not going to change anything by thinking about a solution through the lens of what you've already done."
- Alison Thompson, Chair, CanGEA