Ormat Terminates Mount Spurr Geothermal Venture (Petroleum News)
Writes off exploration costs after failing to find viable geothermal source on the flanks of the Southcentral Alaska volcano
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| (Courtesy USGS) |
Ormat Technologies has given up its attempt to find a viable geothermal energy resource on the flanks of the Mount Spurr volcano in Southcentral Alaska. During a fourth quarter earnings call on Feb. 25 Doron Blachar, the company’s chief financial officer, said that the company had written off $15.4 million write-off of unsuccessful exploration activities related to exploration activities in the Wister site by the Salton Sea in California and in the Mount Spurr site in Alaska.
After conducting exploratory studies in those sites, management concluded that the geothermal resource as well as the commercial environment would not support commercial operations at the foreseeable future.
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