Oil company begins to break into the geothermal energy market
Sinopec, a large state-run oil company in China, has plans to move into geothermal energy. The company recently began drilling hundreds of wells throughout China. Instead of tapping into oil reserves, however, these wells are designed to leverage the potential of geothermal energy. This energy will be used to provide heat for homes in various parts of the country. This heat will not be generated through the use of fossil-fuels, making it environmentally friendly.
Northern provinces are experiencing the benefits of geothermal energy
The majority of China’s heat and electricity comes from coal. This is beginning to change, however, as China begins to seek ways to reduce emissions and combat its growing air pollution problem. Geothermal energy is becoming an important tool in this endeavor. In recent years, geothermal wells have begun serving approximately 400,000 people that live in the Hebei Province. These geothermal wells have been able to provide residents with ample heat, fighting against the chill of the winter months.
Sinopec partners with Icelandic firm in order to break into the geothermal space
Sinopec has shown interest in geothermal energy for some time, but has only recently begun to break into the growing geothermal market. The company is currently partnering with Artic Green Energy, and Icelandic firm that specializes in geothermal power. Artic Green Energy is providing technical support for Sinopec’s geothermal endeavors. Iceland is one of the most active geothermal regions in the world, making it a very promising market for this form of renewable energy. As such, companies focused on geothermal energy in the country have accrued a wealth of expertise with this form of power.
Geothermal energy is expanding to more provinces throughout China
Currently, Sinopec has geothermal energy facilities operating in 16 provinces in China. The company notes that these facilities produce enough thermal power to heat approximately 40 million square meters of homes and businesses. This offsets the production of harmful emissions, as well, as coal is not being used to produce this thermal energy in any way.