EDC working on potential geothermal development site in Sumatra, Indonesia
Energy Development Corp. (EDC) from the Philippines is working on a concrete geothermal project opportunity in Sumatra/ Indonesia, which could see drilling starting in 18 to 24 months.
In connection with the announcement of impending de-listing of the company from the Philippines Stock Exchange, Energy Development Corp. (EDC) disclosed that it is working on a scale up of its geothermal investments in Indonesia.
As reported by the Manila Bulletin, EDC President and Chief Operating Officer Richard B. Tantoco disclosed that the company already secured its preliminary survey assignments plus exploration (PSPE) for the geothermal prospects it has been eyeing in Sumatra.
“We finally got awarded what they call in Indonesia the PSPE rights… the PSPE is the equivalent of the renewable energy service contract in the Philippines,” he said.
The company though is not able to quantify the projects resource potential and is currently working on surveys to prepare for possible drilling. Drilling could then start as early as in 18-24 months. If the resources is sufficient for commercial development, EDC is open to a partnership on the development.
Based on Indonesian law, the company is required to have a 5% equity partner. For the project, the company would be selling the electricity to PLN.
Source: Manila Bulletin