@4am Sorta, but not really.
Geothermal energy production involves the extraction of hot water or steam from underground reservoirs. This water or steam is then used to drive turbines that generate electricity. No oil is extracted, just hot water or steam.
The article states:
For a natural geothermal system to produce electricity, it needs a combination of heat, fluid and rock permeability, as Bloomberg notes. In many areas, the rock has the required levels of heat, but not enough permeability for fluid to flow through it.
An EGS creates this permeability artificially by drilling deep underground and injecting fluid to create fractures in the rock. That approach can vastly increase the number of potential sites for a geothermal power plant.
Basically, they are creating extra cracks to assist with waterflow.