The MOU outlines a working cooperation between Stellae and the ABG through the Department of Mining and Petroleum (DMP) and the Bougainville Power and Water Corporation (BPWC). The signing of this partnership agreement is a significant step in Bougainville’s journey towards energy independence and economic sustainability by utilizing the region’s volcanic geothermal resources.
“It is the Bougainville energy policy strategic view that green energy investment and development is encouraged by the government,” said President Ishmael Toroama who is also the Minister responsible for Mineral and Energy Resources.
The Autonomous Region of Bougainville is an autonomous region in Papua New Guinea. The ABG was established in 2000 following the Bougainville Peace Agreement. The region is currently on a path to independence following the affirmative results of a non-binding independence referendum held in 2019.
The geothermal opportunity in Bougainville
This initiative is part of Bougainville’s broader energy security strategy to harness its natural resources in a way that benefits local communities, fosters economic growth, and contributes to global efforts to combat climate change. Developing geothermal has the potential to bring electricity to local communities and businesses and also look into producing Green Hydrogen – an alternative energy carrier that can be used to power transportation and other sectors, further supporting sustainable development in Bougainville.
In addition to providing clean energy, this opportunity when progressed successfully will create jobs, stimulate local economies, and position Bougainville as a future leader in renewable energy within the Pacific region.
“The ABG is committed to ensuring that the development of geothermal resources is carried out with the utmost respect for the environment and the rights of local landowners. The government will work closely with Stellae Energy Ltd to engage with communities throughout the exploration and development process, ensuring that their voices are heard and their interests protected,” said Peter Kolotein, ABG Secretary for Mining and Petroleum.
Stellae Energy Ltd, known for its innovative approach to renewable energy, will lead the exploration efforts in collaboration with local stakeholders. The project will be rolled out in phases, beginning with a comprehensive Exploration Screening Study. This study will assess the viability of various geothermal sites and lay out a clear roadmap for future development.
“Stellae Energy is pleased to announce a strategic partnership with Bougainville to unlock the region’s geothermal potential. This initiative aims to provide a reliable and sustainable energy source, fostering economic development and energy independence for Bougainville,” said David Hartell, CEO of Stellae Energy.
“Our team at Stellae Energy brings decades of international energy project experience, supported by highly experienced regional teams for similar geothermal projects. We are embarking on an exciting journey to transform the Western Tropical Pacific with sustainable green energy resources. As part of this initiative, we are expanding our board and appointing advisors for the upcoming equity raise.”
