Devon Energy Corporation, an American independent natural gas, natural gas liquids, and petroleum exploration company, has made a strategic investment of US$10 million in Fervo Energy. This collaboration aims to unite the strengths of both companies, with Devon providing its more than 50 years of oil and gas innovation expertise to aid Fervo in advancing its geothermal capabilities.
Fervo Energy is a next-generation leader in geothermal technology, being the first geothermal company to complete a horizontal well pair for commercial geothermal production. This accomplishment was made possible through leveraging Devon's drilling and well completion technologies, skills, and processes, which were initially developed for the oil and gas industry.
Tim Latimer, Co-Founder and CEO of Fervo Energy, expressed his enthusiasm for this partnership and said, “We are thrilled to have Devon as a partner. We expect this partnership will help unlock further potential for geothermal as the primary 24/7 renewable energy source.”
Fervo Energy's advanced geothermal capabilities make it possible for geothermal power to be accessible in far more locations than ever before, increasing its potential as a widespread and reliable source of energy. The company achieves this through the use of horizontal drilling, multi-stage well completion, and distributed fibre optic sensing for geothermal reservoir development.
David Harris, Chief Corporate Development Officer and Executive Vice President at Devon, is also excited about this partnership, saying, “We are excited about this partnership with Fervo, an innovator and leader in the enhanced geothermal space. This investment is a good match for Devon's new energy ventures strategy.”
This partnership has the potential to transform the energy industry, as geothermal power is set to become the primary source of renewable energy. With Fervo Energy and Devon working together, we can expect significant developments in geothermal technology in the coming years.
