Using the ground to cool water for a/c or refrigeration

I remember reading an article about a cooling system that was made by burying a 50 gallon tank 50 or more feet undergound. The tank was full of water with an oil substance added to it and was pumped from the tank up to the surface, where it went through a heat exchanger or "cool exchanger" if you will to create cool air. Has anything come of this idea?

google "absorption cycle heat pump"