Tuesday, April 19, 2016

Indonesia: Another Suitor for Chevron's Geothermal Assets

Pertamina Joins Medco Power in Pursuits for Chevron's Geothermal Assets (The Jakarta Globe)

State energy company Pertamina has stated its interest in taking over geothermal assets on the pipeline to be sold by multinational oil giant Chevron.

Two Chevron subsidiaries now own and operate geothermal projects in Salak and Darajat fields — two geothermal working areas in West Java in which Pertamina also has a minority interest — with a capacity to generate 647 megawatts of power.

"We are interested in the projects. But, we still need to discuss it further," said Syamsu Alam, the upstream director at Pertamina on Monday.

Pertamina would compete with Medco Power Indonesia — controlled by Saratoga Capital and Medco Energi Indonesia, the country largest listed oil company — that is also is eager to buy the assets.

Chevron, like other global oil firms, are selling assets, cutting jobs and slashing capital spending globally to maintain profitability.

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