A Code for Geothermal Resources and Reserves Reporting

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Conference Paper: A Code for Geothermal Resources and Reserves Reporting


Geothermal companies are increasingly using both equity markets and the finance sector to raise funds to develop their projects. At the same time, the industry is pursuing new concepts such as hot rocks and engineered geothermal systems, and the large scale use of geothermal energy is a relatively new concept in many parts of the world. The industry is thus faced with the challenge of building understanding and reputation in the market place, with investors, regulators and the public. This is certainly the case in Australia, where the industry has grown rapidly from zero to almost 50 companies pursuing geothermal energy in the eight years from 2001 to 2009.

The development of a Geothermal Reporting Code and its adoption by operating companies to guide the way they report their geothermal exploration results, resources and reserves, is an important step in the growth of the geothermal energy industry.

This paper reports the development of a Geothermal Reporting Code by the geothermal industry in Australia, in a way that aligns with similar codes in the world for comparable industries. The Code covers all forms and uses of geothermal energy (except ground source heat pumps) and sets out the minimum and mandatory requirements for Public Reports, but it is not prescriptive as to how estimates of resources and reserves are made. Accompanying estimation guidelines have also been prepared but are not mandatory.

The Code was launched in Australia in August 2008, with the support of the Australian geothermal associations and, importantly, the Australian Securities Exchange (ASX). It has been developed by the Geothermal Reporting Code Committee under the auspices of the Australian Geothermal Energy Association (AGEA) and the Australian Geothermal Energy Group (AGEG). Experience with using the Code over two years will be covered in a companion paper by Lawless et al.

A. F. Williams, J. V. Lawless, M. A. Ward, F. L. Holgate and A. Larking

World Geothermal Congress; Bali, Indonesia; 2010/04/25

International Geothermal Association, 2010

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Internet link for A Code for Geothermal Resources and Reserves Reporting

A. F. Williams, J. V. Lawless, M. A. Ward, F. L. Holgate, A. Larking. 2010. A Code for Geothermal Resources and Reserves Reporting. In: Proceedings World Geothermal Congress. World Geothermal Congress; 2010/04/25; Bali, Indonesia. Bali, Indonesia: International Geothermal Association; p. 7