Pertamina Geothermal Energy and Chevron to Develop WKP Way Ratai

Jakarta – PT Pertamina Geothermal Energy Tbk. (PGE) (IDX: PGEO) and PT Jasa Daya Chevron, through a joint venture to be established by both companies, plan to manage, develop, and operate the Way Ratai Geothermal Working Area (WKP) in Lampung, Indonesia.

On 12 June 2023, The Ministry of Energy and Mineral Resources officially determined the consortium of PT Pertamina Geothermal Energy (PGE) and Chevron New Energies, through PT Jasa Daya Chevron (“Chevron”), as the winner of the geothermal working area (WKP) auction for Way Ratai in Lampung Province.

Following this announcement, PGE and Chevron will establish a joint venture company as required by the applicable regulations. President Director of PT Pertamina Geothermal Energy Tbk. Julfi Hadi said, “The development of Way Ratai WKP is a testament to PGE’s commitment to providing access to clean energy for all Indonesian people.

Chevron Indonesia Country Manager Wahyu Budiarto added, “The Ministry of Energy and Mineral Resources’ decision to assign the Chevron-PGE consortium to develop the Way Ratai geothermal working area reflects the government’s confidence in our capabilities and marks an important milestone in Chevron’s continued operations in Indonesia. Through collaboration with PGE, Chevron plans to demonstrate its expertise and commitment to developing lower carbon energy in Indonesia.

Julfi further explained that the joint venture company will handle the necessary permits and carry out exploration activities, potentially followed by construction of a Geothermal Power Plant (PLTP) in the area.

“According to the applicable laws and WKP auction regulations, PGE and Chevron will allocate exploration commitments to a joint account between the winning bidder and the government,” said Julfi

Through the exploration program, Chevron and PGE will seek additional development potential to maximize the capacity of the resource which can be used for development of green hydrogen or ammonia from geothermal power in addition to electricity generation.