Chevron, Pertamina and Mubadala Energy plan geothermal study in Indonesia

(Left-right) Chevron Indonesia Country Manager Wahyu Budiarto, President Director of PT Pertamina (Persero) Nicke Widyawati, Vice President Strategy and Business Performance, CCUS, Chevron New Energies International Jason Ashurst, President Director of PT Pertamina Geothermal Energy Tbk. Julfi Hadi, Deputy COO of Mubadala Energy Holding Company LLC Naser Al Hajri, Ambassador of the Republic of Indonesia to the United States Rosan Roeslani, Deputy of the Coordinating Ministry for Maritime Affairs and Investment Jodi Mahardi. Source: PT Pertamina Geothermal Energy Tbk.

A subsidiary of US oil and gas giant Chevron Corporation (NYSE:CVX) will be cooperating with PT Pertamina Geothermal Energy Tbk (IDX:PGEO), or PGE, and Abu Dhabi-based Mubadala Energy to explore the geothermal potential in Kotamobagu, North Sulawesi, Indonesia.

The three companies signed a joint study agreement (JSA) on Monday in Washington DC during Indonesian President Joko Widodo’s visit to the US. The deal envisages a collaboration that takes advantage of the trio’s experience, capabilities and track record.

"Our Joint Study Agreement this time aims to utilise the complementary strengths of the three parties in developing geothermal in Kotamobagu," said Julfi Hadi, President Director of PGE.

Presently, PGE manages 13 Geothermal Working Areas (WKP) and one Assigned Working Area with an installed capacity of 1,877 MW, including 672 MW of capacity that is operated and managed directly by the company. PGE says that the installed capacity in its working areas accounts for about 80% of the total installed geothermal capacity in the country.

The government of Indonesia targets 3.3 GW of installed geothermal capacity by 2030.

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