Petroleum wells that cease to produce oil/gas economically and dry holes are referred to as abandoned wells. An abandoned well is usually plugged with cement and can take anywhere from two days up to a few weeks to cure depending on the number of plugs in the well.
Since plugging a well costs capital, most wells are abandoned at the lowest possible cost and with the minimum obligations set by regulation agencies. These wells can present enduring liabilities to petroleum companies and/or governments. However, the depth and abundance of abandoned petroleum wells make them an economically attractive source of geothermal energy.
Geothermal energy harvested from an oil/gas well is a renewable energy source as long as it is extracted in a sustainable manner. The energy can be used to generate electricity, used directly for heating, incorporated into a water desalination process, or used by a heat pump for heating/cooling applications.

We at GOLDWATER are currently developing a dedicated project pipeline in the Eastern Europe (Croatia and Serbia) and Mediterranean Geothermal Fields, like Sicily and Tuscany.