By Danessa Rivera (The
Philippine Star) | Updated July 3, 2016 - 12:00am
MANILA, Philippines - Basic Energy
Corp. plans to develop two to three renewable energy (RE) projects to bring in
additional revenues while it is still in the process of developing geothermal
prospects, its top official said.
The company needs to develop other
RE projects that “can bring in important short-term revenue” to the company,
Basic Energy president and COO Oscar de Venecia Jr. said after the company’s
stockholders’ meeting late Wednesday.
“All of our projects right now are
long term in gestation period. We’re looking at projects that can bring
immediate impact to the bottom line of the company,” he said.
Solar is seen as the “fastest from
shovel to operations,” De Venecia said, noting they have three properties they
are looking at: San Fabian and Bolinao in Pangasinan and Labason in Zamboanga
del Norte.
These locations are ideal for
business development since they are already owned by the company, the company
official said. The Bolinao property is seen to accommodate a 27-megawatt (MW)
solar project, San Fabian with 15 MW and Labason with 14 MW.
Last March, Basic Energy partnered
with German-backed solar developer nv vogt Singapore Pte. Ltd. to look at the
potential of undertaking a solar project in one of those properties.
These potential projects can help
the company in reaping revenues while drilling in its geothermal assets. In the
first six months this year, De Venecia said the company is in the negative
since it is “transitioning from oil and gas to power generation.”
“We decided transition was best done
through geothermal. Case in point, geothermal takes time. Development has
exploration, very different from solar. We have to find the resource first. It
takes time before it becomes fruition,” he said.
Currently, the company has five
geothermal service contracts, namely the Mabini Geothermal Service Contract in
Batangas, East Mankayan Geothermal Prospect in Ifugao, Mt. Mariveles Geothermal
Project in Bataan, Mt. Iriga Geothermal Project in Albay and West Bulusan
Geothermal Prospect in Sorsogon.
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