Star Energy to complete acquisition of Chevron?s geothermal assets in Q1 2017

By Godang Sitompul

Petromindo

Star Energy consortium aims to complete the acquisition of Chevron?s geothermal assets in Indonesia and the Philippines worth about US$2 billion in the first quarter of 2017.

This was said by President Director of PT Star Energy Rudy Suparman to Petromindo.com on Tuesday.

The Star Energy consortium, which signed the sales and purchase agreement for the Chevron assets on December 22, includes Star Energy Group Holdings, Star Energy Geothermal, AC Energy (Affiliates of Ayala Group in Philippines) and EGCO (from Thailand). For the acquisition of Chevron geothermal operations in Indonesia, Star Energy Group Holdings and Star Energy Geothermal hold majority ownership (68.31), followed by AC Energy (19.3 percent) and EGCO (11.89 percent).

The transaction is a major step for Star Energy Group to become one of the biggest geothermal operators in the world and to achieve its vision of becoming the geothermal operator of at least 600 MW in 2028.

Chevron?s major geothermal assets in Indonesia include Salak and Darajat geothermal fields, which generate 413 MW geothermal and supply 275 MW of steam. Chevron?s geothermal assets in Philippines include Tiwi-Makban geothermal field which is currently producing approximately 326 MW of steam.

Meanwhile, Director of Geothermal at the Indonesian Ministry of Energy and Mineral Resources Yunus Saefulhak said that both Chevron and Star Energy consortium have yet to officially report the transaction to the ministry. ?Chevron is said to make official report about changes in the ownership (of the geothermal assets) in January,? he said.

Editing by Reiner Simanjuntak