Sage Geosystems and California Resources Corp. signed of a memorandum of understanding to pursue subsurface energy storage and geothermal power generation in California. (Source: Sage Geosystems, California Resources Corp.)
Sage Geosystems and California Resources Corp. (CRC) have signed a memorandum of understanding (MOU) to establish a collaboration for geothermal power generation in California.
Under the MOU, the companies will pursue commercial projects and joint funding opportunities for geothermal as well as subsurface energy storage.
Tapping into geothermal power employs many of the techniques used by oil and gas companies, including horizontal drilling and multi-well pads.
The strategic partnership between Sage and CRC will focus on developing clean and reliable energy solutions in the state, the companies said in a joint press release Sept. 24.
“Current estimates are that the global electricity demand will double by 2050, and this does not include the demand for data centers with artificial intelligence (AI) capabilities,” the companies said.
By leveraging their combined expertise and resources, the companies aim to achieve “significant progress” in subsurface energy storage and geothermal power.
“This MOU marks a significant step forward in our commitment to develop sustainable energy solutions,” said Francisco Leon, CRC’s president and CEO. “By working together with Sage, we aim to develop innovative technologies that will contribute to California’s clean energy future.”
Cindy Taff, Sage CEO, said the partnership will benefit from CRC’s long-established presence in the state and strong relations with state agencies, as well as California’s regulatory environment.
“Together we hope our next generation geopressured geothermal technology will add much needed resiliency and reliability to the California power grid,” Taff said.
Recommended Reading
Post Oak Backs New Permian Team, But PE Faces Uphill Fundraising Battle
2024-10-11 - As private equity begins the process of recycling inventory, likely to be divested from large-scale mergers, executives acknowledged that raising funds has become increasingly difficult.
Analyst: Is Jerry Jones Making a Run to Take Comstock Private?
2024-09-20 - After buying more than 13.4 million Comstock shares in August, analysts wonder if Dallas Cowboys owner Jerry Jones might split the tackles and run downhill toward a go-private buyout of the Haynesville Shale gas producer.
BP Profit Falls On Weak Oil Prices, May Slow Share Buybacks
2024-10-30 - Despite a drop in profit due to weak oil prices, BP reported strong results from its U.S. shale segment and new momentum in the Gulf of Mexico.
Oxy’s Hollub Drills Down on CrownRock Deal, More M&A, Net-zero Oil
2024-11-01 - Vicki Hollub is leading Occidental Petroleum through the M&A wave while pioneering oil and gas in EOR and DAC towards the goal of net-zero oil.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.