Iceland Drilling Three Miles Deep To Source Renewable Energy

Iceland is drilling deep to tap into renewable energy, Digital Journal reports.

Statoil and The Iceland Deep Drilling Project are digging the world's deepest hole — 3.10 miles deep — into the heart of the Reykjanes peninsula where a volcano last erupted 700 years ago to source more renewable energy.

If successful, the project could derive 30 megawatts to 50 megawatts of energy from one geothermal well. Workers have already drilled 2.8 miles deep. The estimated cost of the project is $18 million.

"So far, we have learned a lot," said Ásgeir Margeirsson, CEO of project partner HS Orka.

"And no matter what happens with the well, there is a lot of experience already gained, even if we cannot use it. The well could for example be used for reinjection, basically injecting fluids into the system which we utilize for our operations. The best result though is that we gain a powerful production well."

Iceland is a leader in the use of geothermal energy, with geothermal sources accounting for 66 percent of Iceland's primary energy use.

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