14 Jul Arctic Green Energy’s CEO Interviewed by Xinhua News Agency
Mr. Gudmundur Olason – CEO of Arctic Green Energy Corporation – shared his opinions recently regarding the future prospects of geothermal resource utilization in China in an interview with Xinhua News Agency. In the interview, which appeared on the Xinhua News Network Corporation (CNC) website, Mr. Olason recommended that Chinese cities and areas rich in geothermal work out long-term geothermal development plans for the future sustainable utilization of this valuable resource.
Being home to 8% of the world’s low-temperature geothermal resources – ideal for district heating and -cooling – China’s geothermal potential is enormous.
With Arctic Green Energy the first company to introduce 100% sandstone re-injection in China through its Shaanxi operations, Mr. Olason emphasized the importance of responsible resource management through careful reservoir monitoring and re-injection of geothermal fluids.
Mr. Olason said that it was extremely important to approach geothermal development as a comprehensive project involving a wide range of stakeholders such as different local governmental departments and end-users. He furthermore described the key reason for Arctic Green Energy’s success in China as being the company’s respect for the environment and local communities as well as its “long-term partnership with the geothermal resource.”
Arctic Green Energy has drilled more than 150 geothermal wells in China through its JV, Sinopec Green Energy Geothermal Development Co., Ltd. Close to third of those wells are re-injection wells.