TAQA Geothermal

Rising CO2 levels and their adverse climatic effects on future global temperatures have prompted growing efforts to develop sustainable solutions to limit and reduce CO2 levels while maintaining reliable energy to growing world demand.

Geothermal energy is:

• Lower Carbon intensive and hence more environmentally friendly than conventional sources
• Renewable – the hot reservoirs beneath the Earth’s surface are naturally replenished.
• Sustainable and Stable – is not affected by seasonal or time availability variations

TAQA and Reykjavik Geothermal (RG) have entered into a Joint Venture agreement and formed TAQA Geothermal Energy, a company headquartered in Dhahran, Saudi Arabia. TAQA Geothermal will lead the pursuit of opportunities to explore, assess, and develop geothermal resources in the kingdom and the region with the ultimate target of adding 1GW of sustainable geothermally produced energy to the energy mix.

Based in Reykhajvik, Iceland, RG is a world-renowned and established global leader in the development of sustainable geothermal power. With successful geothermal projects developed in Iceland and worldwide, RG has a team of qualified industry experts focusing on a significant project pipeline in key high-growth markets.

Geothermal energy sources are abundant in the Kingdom of Saudi Arabia, particularly in the Western region along the Red Sea coast, where the volcanic fields and hot springs are located. The Kingdom’s Geothermal potential has been assessed via academic investigations over the previous decades but has not been furthered to perform resource assessments of the potential of this key renewable resource.

With TAQA’s Well Solutions portfolio of services and significant expertise in drilling geothermal wells, TAQA Geothermal Energy is well-positioned to lead and execute resources assessments, exploration and development of this promising renewable energy resource in the Kingdom of Saudi Arabia and the region.