There is a change of rules of the ball game [there]. One hundred percent foreign-owned corporations can now do geothermal activity. We registered, and we’re sending teams there for exploring, Paul Aquino, EDC president and chief executive officer said.
There is this third type of investment window. This is the so-called preliminary survey of geothermal sites, Aquino said.
Under Indonesia’s energy contracting scheme, companies such as EDC can enter into preliminary exploration activities for prospective locations and tender an offer for the regions’ development contract, Aquino said.
The company enjoys a right of first refusal if other companies bid for these regions.
If it chooses not to pursue these locations, the Indonesian government will reimburse the company for its expenses.
Aside from its expansion into Indonesia, EDC is also looking at other spending opportunities in other countries in South Asia and the Middle East, Aquino said.
The company is also in negotiations with Lihir Gold Ltd. (LGL) in Papua New Guinea to renew its drilling contract at least for one more year.
