Aboitiz eyes Chevron's geothermal assets

Philippine power firm Aboitiz Power Corporation is interested in bidding for the geothermal assets of US-based energy giant Chevron, as it prepares to ramp up its generating capacity to 4,000 megawatts (MW), Rappler.com reported.

"We are always on the lookout for opportunities. I guess when that time comes, when the notice of offer is out, then probably that is something we will be looking out for," said Aboitiz CEO Erramon Aboitiz said on Monday, following the firm's annual stockholders' meeting.

"At this point, we are waiting for formal advice," he added.

Chevron, the second largest US oil producer, said last March that it was considering selling its geothermal assets in Asia, particularly in Indonesia and the Philippines. The assets were valued at $3 billion (P139.3 billion).

Chevron is seeking buyers for its stake in an Indonesia oil and natural gas field that may fetch about $1 billion (P46.44 billion).

It owns the Salak fields in Indonesia, one of the largest geothermal operations in the world with a total operating capacity of 377MW.

In the Philippines, Chevron has a 40 percent stake in the Philippine Geothermal Production Company, Incorporated.

Aboitiz is one of the Philippines' leading developers and operators of renewable energy, which currently makes up around 40 percent of its total net sellable capacity. (*)