The commitment of PT Pertamina Geothermal Energy Tbk. (PGE) (IDX: PGEO) together with Chevron New Energies Holdings Indonesia Ltd. (Chevron) to develop the Way Ratai Geothermal Working Area (WKP), Lampung, continues. As a concrete manifestation, the two parties formed a joint venture company (JVC), which was followed by processing a geothermal permit (IPB) and other permits.
This was conveyed at the signing of the deed of establishment of PT Cahaya Anagata Energy, which was held at Grha Pertamina, Jakarta, on Wednesday, December 6, 2023. The signing ceremony for the deed of establishment was carried out by representatives of Chevron New Energies Holdings Indonesia Ltd., Siddharth Jain, and President Director of PT Pertamina Geothermal Energy Tbk, Julfi Hadi, and witnessed by Chevron Indonesia Country Manager Wahyu Budiarto and PTH. President Director of Pertamina New & Renewable Energy (PNRE), Said Reza Pahlevy.
"Way Ratai WKP is very strategic and one of the best in Indonesia. Way Ratai's position also has an important role as a hub in Sumatra so that it can add value to geothermal energy by developing secondary products, especially green hydrogen. We are optimistic that this collaboration will be a step forward, which is positive," said the President and Director of PT Pertamina Geothermal Energy Tbk, Julfi Hadi.
Julfi said the joint venture company was named PT Cahaya Anagata Energy in Sanskrit. Anagata means future, which reflects the ongoing commitment of both parties to developing new energy and renewable energy (EBT) as the energy of the future.
"All of this is focused and in line with the government's agenda to achieve net zero emissions by 2060," he said.
On the same occasion, PTH. President and Director of Pertamina New & Renewable Energy (PNRE), Said Reza Pahlevy, said that the signing of this deed of establishment marked a significant step forward in efforts to achieve sustainable energy solutions.
"The establishment of PT Cahaya Anagata Energy is proof of our commitment to fostering collaboration and partnerships in the new and renewable energy industry. Through this joint venture, we are leveraging PGE's deep understanding of the geothermal landscape as well as Chevron's extensive experience in this industry to explore new opportunities for diversification and energy transition," added Reza.
Meanwhile, 40 percent of PT Cahaya Anagata Energy's shares are owned by PT Pertamina Geothermal Energy Tbk. The remaining 60 percent was pocketed by Chevron.
PT Cahaya Anagata Energy will focus on geothermal exploration at WKP Way Ratai, Lampung, which will be carried out until 2028.
Previously, PGE and Chevron, who are members of one consortium, were announced as the winners of the Way Ratai WKP auction by the Ministry of Energy and Mineral Resources (ESDM) last June.
