Aboitiz Power Corporation is considering making a bid for Chevron’s Indonesia and Philippine geothermal assets.

Chevron’s geothermal energy blocks are valued at about $3bn and are already being pursued by French utility Engie and Japan’s Marubeni, and some Southeast Asian companies.
Geothermal power Indonesia
“There’s no formal documentation yet so we don’t know the terms,” Aboitiz Power President Antonio Moraza told reporters on Monday after a stockholders’ meeting. “When it comes out we will study it carefully, and we will most likely want to participate.”

Chevron is selling assets, cutting jobs globally and slashing capital spending to save cash and preserve dividends amid weak oil prices.

It remains unclear whether or not Chevron would offer its Indonesian and Philippine geothermal assets to bidders in separate blocks.

Chevron has a 40 percent interest in Philippine Geothermal Production Co, which produces steam energy for third party-owned geothermal power plants and have a combined capacity of 692 MW.