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, Geothermal Consulting, Land Rig 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. Nick ensured the quality of output for the client could effectively inform board decisions on procurement and investment.
Ben Wilby
Ben managed the project as a subject matter expert with extensive experience in researching and analysing the land rig market. Leveraging his deep industry knowledge, Ben played a key role in characterising the complex supply and demand dynamics, supporting supply chain landscaping, and conducting 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
An Engineering graduate with an award-winning postgraduate project in geothermal energy, brought a strong foundation of technical expertise to the team. They provided specialist insight into the challenges associated with geothermal developments, emerging innovations, and considerations for the sector’s long-term potential.
