www.electric.co.uk
20th of August 2009
PT Pertamina Geothermal Energy has set a goal to raise $3 billion to fund a geothermal project over the next five years that would generate 1,068 MW of energy. The company is a subsidiary of Pertamina, an Indonesian state-owned oil and gas company. Pertamina currently runs and manages two other geothermal projects which generate a total of 272 MW of energy capacity. The other two geothermal facilities are located in West Java and North Sulawesi.
Chevron had previously developed a geothermal plant of 259 MW capacity as part of the Darajat project in West Java. The car company partnered with PT Darajat Geothermal Indonesia for the joint venture, and the operating contract was retained by Pertamina.
Additionally Pertamina retain the operating contract for the 340 MW geothermal plant in North Sumatra which the company signed in 2007. The plant was built by a joint venture involving three energy companies: Medco Energi Internasional, Ormat Technologies, and Itochu based out of Tokyo. The project will be completed in 2012 and is estimated to cost $800 million.
Indonesia is currently weathering severe energy shortages causing the local government to look to alternative means of supplying the country with electricity. The country currently has 25 GW of energy, but only 5% of that energy is generated by renewable resources, such as geothermal.
Geothermal energy is gaining a footing in the renewable energy sector, and Indonesia is currently fourth ranking in the world as a produce of geothermal energy, falling just behind the U.S., the Philippines, and Mexico. The government has predicted that Indonesia has a total of 21 GW in untapped geothermal resources. PT Pertamine plans to capitalise on untapped geothermal resources with an aggressive plan to drill 35 wells by the end of next year alone. The company will seek additional funding from the World Bank and other investors for their projects
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