S. 1057

Geothermal Energy Opportunities Act or the GEO Act

This bill requires the Bureau of Land Management to identify high priority areas for new geothermal development and facilitate that development.

The bill amends the Geothermal Steam Act of 1970 to allow the holder of an oil and gas lease of federal land to also apply for a noncompetitive lease for the production of geothermal energy if: (1) the holder of the oil and gas lease also has an approved drilling permit, (2) geothermal energy will be produced from a well producing or capable of producing oil and gas, (3) the geothermal lease will improve national energy security, and (4) oil and gas production is currently occurring under the existing lease.

To promote the goals of new geothermal energy capacity, the Department of Energy (DOE) may conduct a federally funded program of cost-shared drilling with industry partners to: (1) explore and document new geothermal resources; and (2) develop improved tools and methods for geothermal resource identification and extraction. Certain revenues from geothermal leases must be deposited into a separate account in the Treasury to carry out that program.

The bill amends the Geothermal Steam Act of 1970 to allow the Department of the Interior to award noncompetitive leases on up to 640 acres of federal land for geothermal development under certain circumstances. Lessees must make annual rental payments equal to those required for lands that are leased competitively.

The bill amends the Energy Independence and Security Act of 2007 to require DOE to establish a program of research, development, and demonstration for geothermal heat pumps and the direct use of geothermal energy.