AI technology will be critical in the race to a cleaner future
The renewable energy sector isn’t just growing – it’s booming.
The past three months alone has seen the UK announce three major milestones – covering carbon storage, offshore wind and hybrid energy projects – to propel it further down the road towards net zero.
But that journey is no longer only about creating a sustainable, green future. World events have brought security of supply sharply into focus, placing new impetus on governments to accelerate alternative energy projects.
While moving at pace is critical for the planet, the old proverb of more haste, less speed – warning against making errors by acting too quickly and without due diligence – should be weighing on the minds of developers.
Nicola Blanshard, CEO of Geoteric, a world-leading AI-driven seismic interpretation software provider, believes the balance of speed and success can be achieved through appropriate application of technology.
She explained: “The need for alternative energy sources beyond hydrocarbons is well understood, and a massive expansion of carbon storage and offshore wind projects will be required to meet the Paris Agreement targets.
“For example, only 40 Mtpa of COwere captured globally in 2020, and this needs to increase to 7,600 Mtpa by 2050. Similarly, offshore wind capacity needs to expand to more than 50 times its current level.
“Substantial capital and resources have already been committed to the energy transition, but nowhere near the level needed. I think we will, however, see an acceleration of this from 2025.
“There is a clear need for rapid and substantial investment in renewable projects, but this urgency shouldn’t lead to uninformed decisions. Digital transformation enables developers to make evidence-based, business-critical decisions through the analysis of data.
“Geoteric is part of that digital transformation. AI seismic interpretation gives a greater understanding of the subsurface than was previously possible and it works hand in hand with geoscientists to deliver fast, accurate results. What previously took months or years can now be achieved in days or even a matter of hours.”
The drive towards renewables in recent years has seen Geoteric move into that sector. While most of the firm’s revenues continue to come from exploration and production in oil and gas, Geoteric has also worked on carbon storage, offshore wind and mineral mining projects since the start of the year.
Nicola said: “We’ve seen a sharp rise in enquiries, globally, for non-oil and gas applications. This interest is the strongest in sectors making the greatest investment in seismic data, particularly those projects where results must be delivered quickly to inform investment decisions.
“To date, we see a greater number of projects for offshore wind and geothermal coming from companies in Europe, compared to mineral mining, where we have worked on data from Australia and Africa.”
With milestones such as the recent UK renewables subsidy auction – which resulted in contracts being awarded to projects capable of generating 11GW, almost double the capacity of previous rounds – and the launch of the Innovation and Targeted Oil and Gas (INTOG) leasing round for offshore wind projects that reduce emissions from hydrocarbon production, Geoteric believes it will see further diversification of its portfolio.
