EERC: Fracking Tech Could Unlock ND Geothermal, Oxy CEO Transition

Researchers at North Dakota's Energy and Environmental Research Center (EERC) believe hydraulic fracturing technology could be crucial for developing geothermal energy in the state, according to a report presented last week. The feasibility of commercial power generation depends on whether new geothermal technologies can be cost-effective in North Dakota's underground rock formations.

“There’s a lot more work to be done on feasibility for power generation potential,” said Tyler Hamman, assistant vice president for strategic partnerships with the EERC, during a presentation to the North Dakota Industrial Commission. He noted that the tightness of western North Dakota's rock formations poses a challenge for circulating water to absorb heat. The solution may lie with fracturing the rock to create necessary permeability, leveraging the oil and gas industry's existing technology and expertise.

“It’s something that was previously cost-prohibitive, though with advancements in oil and gas technology, and obviously fracking, it’s brought that cost curve down to the point where it’s being looked at as a way to expand our geothermal resource,” Hamman said. He compared the current state of "enhanced geothermal" to the beginning of the shale revolution. Some compressor stations along the Northern Border natural gas pipeline are already using similar heat transfer techniques.

In global corporate news, Occidental Petroleum announced a leadership transition. Senior vice president and chief operating officer Richard Jackson will succeed Vicki Hollub as CEO on June 1, according to a company statement. Hollub, who is retiring after serving as CEO since 2016, will remain on the board.

Jackson, a company veteran since 2003, has held key roles including President of U.S. Onshore Oil and Gas and President of the Permian Delaware Basin. Occidental stated that as COO, Jackson focused on value delivery through operational execution and innovative technology. The company recently declared a dividend of $0.26 per share and is scheduled to report first-quarter results.

Separately, TotalEnergies SE and partner Nextnorth Holdings Corp. have broken ground on a 440-megawatt solar farm in the Philippines, aiming to start generation in 2027. The project, valued at $300 million, represents the largest international financing for a solar project in the country to date, according to Rigzone.