MANILA, Philippines -- First Gen Corp., the Philippines' largest electricity producer, said Tuesday that its recently acquired subsidiary PNOC Energy Development Corp. (PNOC-EDC) plans to venture overseas and is eyeing Indonesia for new geothermal power projects.

"PNOC-EDC is in discussion with Indonesian entities for possible surface exploration and exploration drilling services in Indonesia," First Gen told the Philippine Stock Exchange.

First Gen said it wants to tap PNOC-EDC's geothermal power expertise.

PNOC-EDC is the Philippines' biggest geothermal power producer, with an operating capacity of 1,100 megawatts.

First Gen led a consortium that submitted last November the winning bid of P58.5 billion for the government's remaining 60 percent stake in PNOC-EDC.

First Gen also operates gas-fired power plants and has acquired some of the government's hydroelectric plants.

Power and infrastructure conglomerate First Philippine Holdings Corp owns 66 percent of First Gen.

First Gen shares were last down P1.50 or 2.9 percent at P49.00, in line with the slump in regional markets on investors' mounting worries over a US recession. PNOC-EDC shares were down 20 centavos or 3.8 percent at P5.10. By Rocel Felix

($1 = P41.50)