Trinergy to spend $55 million for geothermal exploration

PT Trinergy Mandiri Internasional (Trinergy) will spend up to US$55 million to carry out exploration and drilling activities at the company?s geothermal fields in Ciater, West Java and Batu Raden, Central Java, next year.

Trinergy?s chairman, Heman Afif Kusumo, said the funds would be provided by its foreign partner in the geothermal project. About $15 million would be allocated for the Ciater geothermal field, and the other $40 million for the Baturaden field.

He said that a local company still needed assistance from a foreign company to finance the costly development of the geothermal field. ?It would be impossible for the local company to do it alone. We need a foreign investor to jointly develop the field,? he said, adding the drilling cost is very high, reaching $7 million per well.(*)