Hera Grímsdóttir, Govt Director of Analysis and Innovation at Orkuveitanu, Jordan Oxley, one of many house owners of North Tech Drilling, Geir B. Hagalínsson, CEO of North Tech Drilling, Sævar Freyr Þráinsson, CEO of Orkuveitanu, Júlíus Emilsson, Drilling Supervisor at North Tech Drilling and Hrefna Hallgrímsdóttir, Director of Water Assets at Veitur – Image supply: Orkuveita/ (c) Jóhanna Rakel
Following a aggressive tender course of, Reykjavik Power (Orkuveitan) and its subsidiary, Veitur, have entrusted the consortium led by North Tech Drilling with drilling as much as 35 geothermal wells beneath a contract valued at USD 33m in Iceland.
In a powerful success for Iceland’s renewable vitality sector, it was introduced immediately that North Tech Drilling ehf., in partnership with Hydro Drilling SRL, has been awarded one of many largest geothermal drilling contracts within the nation’s historical past. Following a aggressive tender course of initiated in August 2024, Reykjavik Power (Orkuveitan) and its subsidiary, Veitur, have entrusted the consortium with drilling as much as 35 geothermal wells beneath a contract valued at ISK 4,600 million (approx. USD 33 million)
The mission marks a major milestone for geothermal improvement in Iceland. Divided into three classes, the contract covers the drilling of:
- Ten shallow geothermal wells for financial exploration and manufacturing.
- Eleven deep geothermal and exploratory wells, with the potential for eight extra wells.
- 4 directional geothermal manufacturing wells, with the potential of two extra wells.
This complete method to geothermal exploration ensures a sturdy pipeline of sustainable vitality sources to satisfy Iceland’s rising vitality calls for.
Driving sustainable improvement
The price-efficient ISK 4,600 million (USD 33m) bid by North Tech Drilling, considerably decrease than the estimated ISK 5,967 million (USD 43m) , highlights the agency’s dedication to delivering worth with out compromising on innovation.
Talking on the contract signing, Hera Grímsdóttir, Govt Director of Analysis and Innovation at Orkuveitan, said: “This mission is a cornerstone in our technique to be a pacesetter within the vitality transition. By harnessing geothermal sources responsibly, we safe a sustainable vitality future for our communities.”
Echoing this imaginative and prescient, Hrefna Hallgrímsdóttir, Director of Water Assets at Veitur, emphasised the mission’s significance in increasing district heating programs and making certain vitality safety for Iceland’s rising inhabitants.
A Triumph for North Tech Power
Geir B. Hagalínsson, CEO of North Tech Drilling, celebrated the win as a testomony to the agency’s experience and alignment with Iceland’s inexperienced vitality objectives: “Returning to the geothermal fields of Iceland is an honor. Our ‘Inexperienced Drilling Technique’ aligns completely with Orkuveitan and Veitur’s imaginative and prescient of decreasing the carbon footprint by way of electrification and innovation. This mission signifies a brand new period of reasonably priced and sustainable drilling practices in Iceland.”
North Tech Drilling’s world expertise—from tropical jungles to the Himalayas—positions it uniquely for this mission, mixing cutting-edge methods with a deep understanding of Iceland’s geothermal panorama.
With drilling set to start in August 2025, this mission is a daring step in the direction of making certain Iceland’s vitality independence and sustainability. Because the world more and more turns to renewable vitality, initiatives like this reaffirm geothermal vitality’s potential as a dependable and inexperienced energy supply, so the press launch.
Supply: launch by Reykjavik Power
