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CALIFORNIA | ENERGY | THE STATE

Chevron, Texaco Drill Geothermal Well

June 26, 1997|(Bloomberg News)

San Francisco-based Chevron Inc. and White Plains, N.Y.-based Texaco Inc. said their joint venture in Indonesia has drilled a geothermal well that is the largest in the Eastern Hemisphere and the third-largest in the world. The well should generate enough steam to power nearly a third of the requirements of a 70-megawatt power plant being built by the venture near Garut in Java. The venture, Amoseas Indonesia Inc., is a partner with Pertamina, Indonesia's national oil company, in developing geothermal resources to generate electricity. Demand for electricity in Indonesia is increasing 17% a year, said Rosemary Olszewski, a spokeswoman for Chevron. Chevron shares lost 44 cents to close at $73.8125, and Texaco shares lost 44 cents to close at $111.375. Both trade on the NYSE.

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