October 20, 2023
Gibson Dunn advised Chevron New Energies Holdings Indonesia Ltd. (CNE) on the negotiation of several agreements with PT Pertamina Geothermal Energy Tbk. (PGE) and the Directorate General of New, Renewable Energy, and Energy Conservation (EBTKE) of the Ministry of Energy and Mineral Resources in connection with the Way Ratai geothermal working area in Lampung Province, Indonesia.
The agreements were signed on October 3, 2023, and contemplate the formation of a joint venture company between CNE and PGE for the exploration and potential development of the geothermal resources in the Way Ratai geothermal working area. This transaction is an important milestone for CNE and PGE to explore geothermal resources in Indonesia, which have the potential to produce electricity, green hydrogen and green ammonia for supply to domestic and export markets.