Oil and gas interests can lead European EGS development and green transition

In London, a new report from Frost & Sullivan finds that the Kyoto Protocol and EU 2020 energy targets are slowly altering the energy industry landscape, gradually shifting energy consumption from coal, oil and natural gas, towards renewable energy sources. A carbon-free future is a threat to oil and gas companies with declining business growth in Europe, unless they successfully transfer their technology and skills into renewable energy. The report titled Diversification of Oil and Gas Companies into the Renewable Energy Industry, states that in particular, oil and gas companies can offer their drilling expertise and services to the geothermal energy market. Although mature, the geothermal market requires investments to achieve economies of scale and reduce costs and their involvement as technology developers is likely to help the market transfer to Enhanced Geothermal Systems technology.