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Assessment of the Costs of Geothermal Power Generation in New Zealand Table 6-1 Estimated Geothermal Drilling Costs in New Zealand (2007)* Well Drilling Operation Production well (work‐over existing) Production well (1,500m) Production well (2,500m) Reinjection well (2,000m) Estimated Total Cost NZDM15 0.3 to 1.0 3.2 5.2 4.2 Estimated Total Cost (at E/R 0.70) USD M 0.2 to 0.7 2.2 3.6 2.9 Local Local Cost Content Component % NZDM 50% 0.2 50% 0.5 40% 1.3 40% 2.1 40% 1.7 Overseas Cost Component (at E/R 0.70) USDM 0.1 0.4 1.3 2.2 1.8 * exclusive of rig mobilisation and demobilisation costs The allocation of drilling costs into NZD and USD components is based on the percentages given in Table 6-1. These have been determined from the analysis of budgets and actual costs for recent geothermal wells in New Zealand. These range from 50% local / 50% overseas costs for well workovers, to 40% local / 60% overseas costs for new wells. Key assumptions in these local / foreign currency allocations are: Drilling rig rental costs are relatively insensitive to whether rigs are sourced from within New Zealand or from overseas. This is because the highly competitive current state of the international oil and gas industry has established a more or less global rig rate. Drilling mobilisation costs are, however, country specific. It is assumed in this study that drilling rigs are available in New Zealand close to areas of geothermal interest and a nominal drilling mobilisation /demobilisation cost of NZD 1,300,000 x 2 per round trip will apply in addition to the drilling costs given in Table 6.1. In contrast, mobilization / demobilization costs for rigs coming into New Zealand from overseas will be significantly higher. The most significant local components of drilling rig costs are rig labour (about 30%) and cement / cementing services (10%). The most significant overseas components of drilling costs are drilling fluids (about 15%), drilling tools and drill bits (15%), casing and wellhead valves (15%) and rig rental (15%). 15 M = million Sinclair Knight Merz SKM Cost of Geothermal Power Report (2007 Cost Basis)R1.doc PAGE 26PDF Image | Current Costs of Geothermal Power Generation in New Zealand
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