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<\/p>\nA trade group seeking to promote geothermal energy in Texas will launch with backing from large oil and utility firms seeking to transform their businesses.<\/p>\n
The Texas Geothermal Energy Alliance (TxGEA) was organized as many fossil fuel giants and startup companies look to transition to low-carbon energy from oil and gas.<\/p>\n
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The group includes Halliburton, Repsol, Chevron Corp, Baker Hughes, CenterPoint Energy and GeothermEx, a Schlumberger company.<\/p>\n
The former chairman of the state\u2019s public utility and energy regulatory boards, Barry Smitherman, spearheaded the group\u2019s formation. Texas is the largest oil- and gas-producing state.<\/p>\n
\u201cDecision makers and thought leaders are interested in a resource that is clean, renewable and dispatchable \u2013 that is what has piqued everyone\u2019s interest,\u201d said Smitherman. He added that the group\u2019s short-term focus will be education and advocacy.<\/p>\n
Geothermal technology employs much of the same drilling technologies used in the oil and gas sector, although the wells are designed differently.<\/p>\n
One member, Nabors Industries, a drilling firm, is already eying geothermal as a business opportunity.<\/p>\n
Smitherman said service companies see this as another way to use their technology, workforce and skill set.<\/p>\n
There are many geothermal projects currently under way in the United States, which could usher in greater scale for an industry that does not yet easily compete with cheaper oil and gas.<\/p>\n
Geothermal accounts for less than 1 percent of global utility-scale electricity generation because it is geologically limited, according to TxGEA member Sage Geosystems.<\/p>\n
The United States has about 3.5 gigawatts of geothermal capacity currently installed.<\/p>\n