(Mexico News Daily, 26.Jun.2018) – The capacity to generate geothermal energy is a veritable superpower within Mexico’s enormous energy potential but a significant barrier stands in the way of reaping its rewards: exploiting it is very expensive.
However, a New Zealand company that specializes in developing technologies to overcome earth, environmental and energy challenges is helping Mexico achieve that potential.
Since its creation in 2004, Seequent has developed a close relationship with Mexico and in April this year the company hosted the country’s ambassador to New Zealand at its Christchurch headquarters.
“Mexico is embracing the importance of developing geothermal, not just as an energy replacement source, but to future-proof base load energy needs for the future,” company CEO Shaun Maloney said in a statement issued after José Gerardo Traslosheros’ visit.
“Mexico is one of our fastest growing markets and represents a great opportunity as the world’s 13th largest economy. We’re continuing to invest in people and skills in the region,” the statement said.
Maloney subsequently told the newspaper El Financiero that Mexico has a source of energy under the ground that is “constantly flowing.”
However, he added that “to drill a hole for thermal energy, it costs around US $10 million and if you dig in the wrong place, you lose it all.”
Those high costs have held Mexico back from further exploiting its thermal capacity despite the introduction of the 2014 energy reform which enabled foreign and private companies to enter the Mexican market.