- French utility Engie (OTCPK:ENGIY) and Japan's Marubeni (OTCPK:MARUF) are among several suitors preparing to bid for Chevron's (NYSE:CVX) Asian geothermal energy blocks valued at ~$3B, Reuters reports.
- The potential buyers, which include southeast Asian power companies, are attracted by the opportunity to gain control of large blocks of geothermal assets located in Indonesia and the Philippines, according to the report.
- Indonesia has estimated a geothermal potential of 27,700 MW, the highest in the world, but its current installed capacity was less than 5% of the potential, says Wood Mackenzie's top power analyst.
- Two CVX subsidiaries operate geothermal projects in Salak and Darajat fields in west Java with a capacity to generate nearly 650 MW of electricity.
- Now read Chevron: My investment thesis was busted