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* Aboitiz Power awaiting Chevron's bid terms
* Chevron's Asian geothermal assets worth $3 bln
* Aboitiz talking to potential bid partner
MANILA, May 16 (Reuters) - Aboitiz Power Corp, one of the Philippines' biggest power producers, said it is interested in acquiring Chevron Corp's Indonesia and Philippine geothermal assets that are up for sale but wants to see the terms before making offers.
Chevron's geothermal energy blocks valued - at about $3 billion - have attracted French utility Engie and Japan's Marubeni Corp, and some Southeast Asian companies.
Speaking openly for the first time about a possible bid, Aboitiz Power CEO Erramon Aboitiz told reporters in Manila on Monday that his company is just waiting for a formal notice from Chevron and will study the terms.
Chevron is selling assets, cutting jobs globally and slashing capital spending to save cash and preserve dividends amid weak oil prices.
"There's no formal documentation yet so we don't know the terms," Aboitiz Power President Antonio Moraza told reporters separately after a stockholders' meeting.
"When it comes out we will study it carefully, and we will most likely want to participate."
It remains unclear whether or not Chevron would offer its Indonesian and Philippine geothermal assets to bidders in separate blocks.
"We've heard some rumours that it might be separate," Moraza said. "I think for Indonesia it will be prudent on our part to have a partner."
Asked if a potential bidder has approached Aboitiz Power for a partnership, Moraza said, "Definitely we're talking."
He declined to elaborate.
Aboitiz Power, along with its partners, currently has 44 generation facilities with capacity of about 2,400 megawatts (MW). Geothermal accounts for 12 percent of that.
Geothermal energy is created by the heat of the earth. It generates reliable power and emits almost no greenhouse gases.
Two Chevron subsidiaries operate geothermal projects in Salak and Darajat fields in west Java with capacity of nearly 650 MW.
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.
(Reporting by Enrico dela Cruz; Editing by Richard Pullin)