On behalf of a major European oil and gas operator, Westwood provided a detailed assessment of the availability and applicability of land rigs for use in geothermal energy projects.
Project Brief
Provide a detailed review of the global geothermal energy sector and the land rig market. Our scope of work included:
- Geothermal energy – overview of global geothermal energy projects, established and emerging technologies, and areas of change
- Land rig fleet composition – global fleet by owner, location and technical specification
- Land rig fleet outlook – near-term contracting assessment of available, applicable and adaptable units
- Supplier review and sector trends – newbuild rig dynamics and drilling company profiles
Consulting Sectors: Energy Transition Consulting, Upstream Oil & Gas Consulting, Land Rigs Consulting
Westwood Approach
Leveraging our core onshore drilling offering, Global Land Rigs, alongside our deep energy transition expertise, Westwood completed an assessment of geothermal sector projects, technologies and rigs suitable for work.
We approached over 50 individuals working for myriad drilling contractors and oilfield service providers across Western and Eastern Europe to better understand land rig use in the geothermal energy sector. We also reviewed suppliers and their orderbooks to provide a complete and concise assessment of which equipment can help when tapping hot rocks for heating and electricity generation.
Project Outcome
Westwood’s analysis helped our Client quickly and clearly understand the composition and evolution of both the contractor landscape and geothermal energy sector. This helped the Client to make strategic sector investment decisions and to optimise procurement resources within a growing renewable energy vertical.
Westwood Consulting Project Team
For every energy consultancy mandate that Westwood delivers, we define key roles to ensure the smooth management and delivery of each project.
Nick Patience
As well as providing his energy industry expertise, Nick directed the project. This included managing internal specialists and client relations, from initial conversations to presentation of findings. This ensured the quality of output received by the client could be effectively used to inform board decisions on procurement and investment.
Ben Wilby
Subject Matter Expert Ben holds more than 10 years experience researching and analysing the rig market. Ben's role was to characterise the supply and demand dynamics, support supply chain landscaping and customer referencing.
Michela Francisco
Michela led outreach with industry, which included speaking with drilling contractors and the supply chain to understand key commercial questions such as dayrates and utilisation, as well as potential opportunities and challenges in the geothermal energy sector. Michela also quantified which units were suitable, based on client-defined criteria.
Geothermal Engineer
A wells engineering graduate with an award-winning postgraduate project in geothermal energy provided specialist insights into the relevant technical challenges, innovation and considerations for sector evolution.
