Australia not ready for commercial geothermal production: Report
A report indicated that Australia is not yet ready for commercial geothermal production, although an expansion in production capacity of over 0.075GW will be achieved by 2022.
The report from researchandmarkets.com describes Australian exploitation of geothermal as ‘modest’ due to the fact that it is still an emerging industry in the country.
Exploration for geothermal resources is being conducted in all Australian states, and there is significant potential for exploitation, particularly in South Australia, Tasmania and along the Victorian coastline. Western Australia also contains prospective areas in the Perth Basin and the Pilbara region, the report concludes.
It has been estimated that just 1% of geothermal shallower than 5km and hotter than 150°C could supply the country’s total energy needs for 26,000 years.
At present, drilling technology places limits on exploitation to a maximum depth of 5km, and so companies are currently exploring particular regions where elevated temperatures at 5km or less may be accessible.