A Queensland company working to develop ‘hot rock’ geothermal resources in the Cooper Basin says it is confident it will be able to develop an emission-free, renewable energy source.
Geodynamics Limited has been working for several years in the South Australian and Queensland outback exploring in the Cooper Basin.
It has purchased a $32 million drill rig which it says will allow it to develop Australia’s first commercial scale hot rock well by the middle of the year.
Chief executive Adrian Williams says support for the industry is increasing because people are now realising its potential to help combat climate change.
"We believe that the Cooper Basin can generate more power than eight to 10 Snowy Mountain schemes … so it’s a very, very significant energy resource and we know it’s there," he said.
"For example, we know that we’ve got four times more energy in the Cooper Basin than Australia has in all its gas reserves … so all we have to do I think is get on with it and do it."
© 2007 Australian Broadcasting Corporation