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x For a regional program, it’s challenging to find a suitable implementing agency for a successful implementation. Even though the Geofund was designed to be an umbrella facility, the GRI and TA components were implemented by different agencies and the GEF grant agreements were signed with each of the countries involved. x The use of conditional grants in the risk mitigation facility appears effective. Although the exploration activities didn’t lead to successful outcome, the Hungarian Oil and Gas Company remains committed to geothermal development. African Rift Geothermal Development Program (ARGeo) 50 73. The proposed ARGeo program aims to accelerate the increase of clean and sustainable electricity generation from geothermal resources in the Rift Valley and covers the countries of Djibouti, Eritrea, Ethiopia, Kenya, Tanzania, and Uganda. Under this program a risk mitigation facility (RMF) has been proposed to mitigate the geological risk associated with geothermal exploration and up-stream drilling activities, building on the experience from the ECA Geofund. 74. The first proposed subproject of the ARGeo is the Assal Geothermal Power Project in Djibouti. The RMF will cover the risk of reservoir confirmation drillings for a series of three wells on a revolving basis. Following completed drilling of the geothermal well, confirmation of drilling results will be made by the developer and reviewed and verified by a team of geothermal experts appointed by the Bank. A series of measurements will be made on the well head, the values inserted in the RMF output formulas to estimate the potential electricity generation from the well. If the output reaches or surpasses the minimum energy potential agreed in the grant agreement the drilling will be determined a success and the developer could “roll-over” the RMF coverage to the next well. If the output level is lower than the minimum requirement the drilling will be deemed a failure and the conditional grant will be triggered for RMF payout, and no roll- over of RMF to the next well would be possible. 75. In response to the project sponsor’s request for RMF support for multiple drilling activities, a roll-over structure was developed for the Djibouti project. Geothermal exploration usually requires a number of drillings in the same field to determine the reservoir potential with a greater certainty. However, since the size of the GEF grant available for the RMF is limited, a large amount of support cannot be committed for a single project. The roll-over structure can mitigate this constraint by committing the RMF support for a multiple number of wells by sequencing the commitment only in the case of a successful outcome, thereby covering the large amount of exploration cost over time but limiting the maximum amount of hit to the RMF resource. This innovative roll-over structure with declining coverage provides additional incentive for successful effort and was expected to be deployed for a series of three consecutive well explorations in the Assal project. Unfortunately, the Djibouti transaction in the Assal Field did not materialize because the Icelandic company interested in the field became a victim of the global financial crisis. The Government of Djibouti is now planning to use GEF and IDA financing to drill exploratory wells to reduce the risk and be able to attract reasonably priced offers from the private sector for production well drillings and power plant construction and operation. 50 As this report was being printed in March 2012, the authors were informed that the proposed World Bank-led project on ARGeo had been dropped. 85PDF Image | Drilling Down on Geothermal Potential Central America
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