Business World Online
Posted on May 05, 2011 10:07:50 PM
A GEOTHERMAL site west of Mt. Makiling has been deemed commercially viable to produce power, an investor behind the project’s development yesterday said.
Further testing, however, is still needed to determine whether current output can be sustained.
“We are pleased to announce that two geothermal wells in the Maibarara Geothermal Power project already attained commercial wellhead pressures and stable chemistry suitable for steam supply to a power plant,” listed PetroEnergy Resources, Inc. said in a disclosure to the Philippine Stock Exchange.
PetroEnergy owns PetroGreen Energy Corp. which in turn has a 65% stake in Maibarara Geothermal, Inc., the consortium in charge of the geothermal project.
PetroEnergy added “the wells have an aggregate capacity of about 15 megawatts (MW).”
Testing to determine if the commercial steam output can be sustained will be conducted until the end of the month.
The government awarded the service contract for the Maibarara project to PetroEnergy in February 2009.
The first unit of the power plant in the project would be commissioned in the second half of 2013, according to earlier reports.
In the first two years of the service contract, Maibarara will undertake a total estimated cost of $12 million to $18 million for the project including information and education campaigns, environmental permitting, road rehabilitation, work-over and discharge tests of old wells.
Aside from the PetroEnergy subsidiary, Trans-Asia Oil and Energy Development Corp. and Philippine National Oil Co.-Renewables Corp. hold a 25% and 10% stake respectively in the joint venture.
Shares in PetroEnergy closed flat at P6.50 apiece yesterday. -- ENJD
“We are pleased to announce that two geothermal wells in the Maibarara Geothermal Power project already attained commercial wellhead pressures and stable chemistry suitable for steam supply to a power plant,” listed PetroEnergy Resources, Inc. said in a disclosure to the Philippine Stock Exchange.
PetroEnergy owns PetroGreen Energy Corp. which in turn has a 65% stake in Maibarara Geothermal, Inc., the consortium in charge of the geothermal project.
PetroEnergy added “the wells have an aggregate capacity of about 15 megawatts (MW).”
Testing to determine if the commercial steam output can be sustained will be conducted until the end of the month.
The government awarded the service contract for the Maibarara project to PetroEnergy in February 2009.
The first unit of the power plant in the project would be commissioned in the second half of 2013, according to earlier reports.
In the first two years of the service contract, Maibarara will undertake a total estimated cost of $12 million to $18 million for the project including information and education campaigns, environmental permitting, road rehabilitation, work-over and discharge tests of old wells.
Aside from the PetroEnergy subsidiary, Trans-Asia Oil and Energy Development Corp. and Philippine National Oil Co.-Renewables Corp. hold a 25% and 10% stake respectively in the joint venture.
Shares in PetroEnergy closed flat at P6.50 apiece yesterday. -- ENJD
No comments:
Post a Comment