| dc.description.abstract | The demand for renewable energy is increasing. Geothermal energy is a type of renewable energy that exploits the natural heat of the earth’s core. Drilling new wells for geothermal purposes could be costly and challenging due to onshore infrastructure. On the other hand, offshore geothermal energy has a significant advantage and can utilize already drilled wells. Wells that are deep and might be located in high-pressure and in areas with a high temperature gradient.
A model is created to find the minimum electricity needed to be produced to make the offshore geothermal project profitable at the end of its lifetime. The model included OPEX, CAPEX, electricity price variations, the benefit of delaying the decommissioning cost, and sensitivity analysis. Using an old oil and gas production well for electricity production of 10 years and decommissioned in the following year, it needs to be produced 46 MWh daily of electricity to make the offshore geothermal project profitable. The OPEX on an offshore installation is the main factor that drives the need for high electricity production. However, combining geothermal energy production with oil and gas production will change the model outcome due to the OPEX decrease | |