Partnering with Chevron and Mubadala Energy, Pertamina Geothermal Energy Aims to Explore Geothermal Opportunities in Kotamobagu
Washington, D.C., Nov 15, 2023 – (ACN Newswire) – PT Pertamina Geothermal Energy Tbk (PGE) (IDX: PGEO) announced its cooperation with Chevron New Energies International (Chevron) and Mubadala Energy to embark on a Joint Study Agreement (JSA) to explore the geothermal potential in Kotamobagu, North Sulawesi, Indonesia. The JSA was signed during President Joko Widodo’s visit to the United States and witnessed by the Deputy Coordinating Ministry for Maritime & Investment Affairs, Jodi Mahardi , Ambassador of The Republic of Indonesia for United States of America, Rosan Roeslani, President Director & CEO PT Pertamina (Persero), Nicke Widyawati and Country Manager Chevron Indonesia, Wahyu Budiarto.
The JSA aims to capitalize on the companies’ complementary strengths and experience. It will bring together PGE’s experience and scale as the largest geothermal producing company and capacity holder in Indonesia, Chevron’s expansive capabilities as a multinational energy company committed to providing reliable and cleaner energy, and Mubadala Energy’s track record in delivering reliable and efficient energy to Indonesia and commitment to playing an active role in the energy transition as an international energy leader.
The agreement provides a comprehensive framework to conduct a joint study into developing the Kotamobagu Geothermal Working Area (WKP). The agreement is aligned with the Government of Indonesia’s recent announcements targeting the addition of 3.3 gigawatts (GW) of installed geothermal capacity by 2030. Geothermal electricity produced in Kotamobagu may provide clean energy source to feed the domestic market in Indonesia and potentially an input to produce low carbon hydrogen or ammonia.
President Director of PT Pertamina Geothermal Energy Tbk, Julfi Hadi enthusiastically welcomed the JSA cooperation between PGE, Chevron, and Mubadala Energy, “Our Joint Study Agreement this time aims to utilize the complementary strengths of the three parties in developing geothermal in Kotamobagu,” he said.
Wahyu Budiarto, Chevron Indonesia Country Manager said, “This is Chevron’s fifth collaboration with Pertamina and we are excited about the addition of Mubadala Energy in the Kotamobagu WKP. We look forward to bringing into the partnership, Chevron’s technical expertise and new geothermal technologies to explore renewable energy resources to support Indonesia’s energy transition goals.”Mansoor Mohamed Al Hamed, Chief Executive Officer of Mubadala Energy, commented; “With our track record of delivering strategic energy resources in Indonesia for over a decade, we are excited about this partnership with PGE and Chevron to explore the expansion of geothermal energy, an important segment of Indonesia’s clean energy growth ambitions. The opportunity to explore such projects is embedded in Mubadala Energy’s commitment to playing an active role in the energy transition as we continue to support Indonesia’s Net Zero targets.”
WKP Kotamobagu was assigned to PGE Kotamobagu as a subsidiary of PT Pertamina Geothermal Energy Tbk. based on the Decree of the Minister of Energy and Mineral Resources 14.K/EK.01/MEM.E/2022 where WKP Kotamobagu is an area that has a high enthalpy value with a volcanic hydrothermal system located in North Sulawesi Province with an area of 18,530 Ha.
About PT Pertamina Geothermal Energy Tbk.
PT Pertamina Geothermal Energy Tbk. (PGE) (IDX: PGEO) is part of the Power & New Renewable Energy (PNRE) Subholding of PT Pertamina (Persero) which is engaged in geothermal exploration, exploitation and production. PGE currently manages 13 Geothermal Working Areas (WKP) and 1 Assigned Working Area with an installed capacity of 1,877 MW, of which 672 MW is operated and managed directly by PGE and 1,205 MW is managed under a Joint Operation Contract scheme. The installed geothermal capacity in PGE’s working areas contributes around 80% of the total installed geothermal capacity in Indonesia, with the potential to reduce CO2 emissions by around 9.7 million tons of CO2 per year.
As a world class green energy company, PGE aims to create value by maximizing end-to-end management of geothermal potential and derivative products and participating in the national and global decarbonization agenda to support Indonesia net zero emission 2060. PGE has excellent ESG credentials with 13 Gold PROPER awards from 2011 to 2022 in the Ministry of Environment and Forestry’s highest environmental compliance award for ESG Rating & Engagement.
About Chevron
Chevron is one of the world’s leading integrated energy companies. We believe that affordable, reliable and cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and industry. We focus on reducing the carbon intensity of our operations and growing low-carbon businesses alongside our traditional business lines. For more information, please visit www.chevron.com .
About Mubadala Energy
Mubadala Energy is an international energy company, headquartered in Abu Dhabi. With a diversified portfolio of operated and non-operated assets spanning 11 countries, its primary geographic focus is in the Middle East and North Africa, Russia and Southeast Asia.
Mubadala Energy is a wholly-owned subsidiary of Mubadala Investment Company, which is owned by the Government of Abu Dhabi. The company’s portfolio is around 66 per cent gas, with a working interest production in 2022 of approximately 500,000 barrels of oil equivalent per day.
In line with Mubadala Energy’s commitment to play an active role in the energy transition, the company is expanding across the gas value chain and actively pursuing opportunities in new energy sectors. For more information, please visit www.mubadalaenergy.com
For more information, contact:
PT Pertamina Geothermal Energy Tbk
Muhammad Taufik
Manager Corporate Communication & Stakeholder Management
PT Pertamina Geothermal Energy Tbk
muhammad.t@pertamina.com
Chevron
Mr. Cam Van Ast
External Affairs Advisor
Chevron Asia Pacific
cameron.vanast@chevron.com
Ms. Ferita Damayanti
Corporate Affairs Manager
Chevron Indonesia Business Unit
Ferita@chevron.com
Mubadala Energy
Mr. Paul Slinger,
Vice President of Communications
paul.slinger@mubadalaenergy.com
Topic: Press release summary
Aim to become world-class geothermal electricity producer: Pertamina
State-owned energy company PT Pertamina is seeking to become a world-class player in green electricity generation based on geothermal energy by pursuing a number of technological innovations to increase geothermal utilization.
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| PT Pertamina Geothermal Energi (PGE) develops geothermal energy in Ulubelu Area in Tanggamus, Lampung. (ANTARA/HO-PGE) |
“We aim to become a world-class player in the geothermal sector. There is an opportunity for that … since, so far, the geothermal potential utilized is still less than 10 percent of the total owned by Indonesia,” said Oki Muraza, senior vice president of research technology and innovation at Pertamina.
He made the remarks during a discussion at the Indonesian Pavilion on the sidelines of COP27 in Sharm el-Sheikh, Egypt, on Tuesday (November 8, 2022).
Indonesia has nearly 24 gigawatts (GW) of geothermal potential, but less than 10 percent of it has been utilized, he noted. Therefore, Pertamina sees a great opportunity to further increase the capacity of geothermal utilization in the country to generate green electricity, he added.
Efforts to increase geothermal-based electricity capacity are aimed at supporting Indonesia’s target of achieving net-zero emissions by 2060 by increasing the use of renewable energy in the proportion of national electrical energy sources, he said.
For that reason, Pertamina has conducted a lot of research on the development of technological innovations for geothermal utilization, which have covered the fields of exploration, development, production-operation, and digitization.
The state-owned energy company is currently developing better technology in the field of exploration, undertaking a comprehensive study of geoscience, and developing new methods that can be applied in the geothermal industry.
“This is something that we have been doing for years so that we technologically master it, starting from exploration, development, production, drilling, and so on,” Muraza said.
Moreover, Pertamina will increase its geothermal capacity, which was recorded at 672 megawatts (MW) in 2020, to 1,128 MW by 2026.
The company is striving to achieve operational excellence in the upstream sector, integrate the development in new areas, and expand the value chain of products from geothermal energy, such as green energy products in the form of green methanol, green hydrogen, nano-silica, green liquid carbon dioxide, and carbon credits.
In addition, Pertamina is also supporting the development of green industrial clusters in the country.
“We hope to accelerate the development of new areas that can be used not only for electricity, but we are also starting to think about possible locations that can be developed for green hydrogen,” Muraza informed.
He added that Pertamina is offering cooperation opportunities to players in the field of geothermal and energy efficiency in Indonesia for implementing technological solutions – developed by the company to build more geothermal power plants and other geothermal products – and optimizing the utilization of geothermal potential in the country.
Contact: Brahmantya Satyamurti Poerwadi, Corporate Secretary, PT Pertamina (Persero)
Email: pcc135@pertamina.com, URL: https://www.pertamina.com
Written by: Yuni Arisandy Sinaga, Editor: Suharto (c) ANTARA 2022
Topic: Press release summary
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