Pertamina Geothermal to invest USD 24m on Kotamobagu geothermal project, Indonesia
Pertamina Geothermal to invest USD 24m on Kotamobagu geothermal project, Indonesia
PT Pertamina Geothermal Energy (PGEO) will be injecting a total of IDR 396 billion (approx. USD 23.9 million) into the Pertamina Geothermal Energy Kotamobagu (PGE Kotamobagu) business entity, which will be developing the Kotamobagu geothermal site in Sulawesi, Indonesia.
The capital injection represents a 99% stake in PGE Kotamobagu. The company will be given a maximum of one year to invest the capital based on the terms of the capital injection transaction. As explained by PGEO Corporate Secretary Kitty Andhora, the capital injection will cover exploration costs in the Kotamobagu geothermal site.
The Kotamobagu Geothermal Working Area (WKP) had been assigned to PGE Kotamobagu back in 2021. Initial estimates a potential capacity of 280 MW for the resource. In 2023, PGEO signed a Joint Study Agreement with Chevron New Energies and Mubadala Energy for the geothermal exploration phase in Kotamobagu. There have so far been no updates on this partnership, and it is yet unclear what role the partners will play in the project moving forward.
Source: EmitenNews
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