By Danessa Rivera (The Philippine Star) | Updated April 11, 2017 - 12:00am
MANILA, Philippines - Trans-Asia Petroleum Corp. is changing its corporate name to Phinma Petroleum and Geothermal Inc., signalling its entry into the geothermal exploration and production sector.
The company said it has amended its articles of incorporation during its annual stockholders’ meeting yesterday where it also sought its shareholders’ approval.
The change in corporate name will allow the company to expand from the capital intensive petroleum exploration-production business with comparatively lower risk, lower cost geothermal exploration and production ventures, Trans-Asia executive vice president and COO Raymundo Reyes Jr. said.
“In oil exploration, the success chance ranges from three to 10 percent. In geothermal, especially in areas in the Philippines, it is 20 to 30 percent,” he said.
The company will be looking at prospects in the geothermal sector locally and abroad.
“There are good investment opportunities in the Philippines and also in neighboring countries, especially Indonesia,” Reyes said.
After the meeting, Trans-Asia president and CEO Francisco Viray said geothermal prospects in the Philippines would initially be looked at.
“Primarily, we’ll seek opportunities here. We will seek existing SCs and await any bidding for geothermal service contracts (SCs),” he said.
One project being looked at is located in North Luzon but officials declined to elaborate on the details of the project since they are still in the middle of discussions for a farm-in agreement.
Meanwhile, overseas ventures would be looked at by next year, Reyes said.
“This year, probably we will acquire SCs… around two within the year,” he said. “Others being looked at are in Indonesia, possibly through bidding.”
Amid the global industry slowdown, the company and its partners maintained their SCs and at the same time conserved financial resources. However, it encountered challenges such as regulatory delays, permitting issues and force majeure situations that hampered timely implementation of some of its work programs.
Currently, Trans-Asia has six oil and gas prospects, namely SC Block A offshore Northwest Palawan (7.78 percent), SC 6 Block B offshore Northwest Palawan (14.063 percent), SC 51 in East Visayas (6.67 percent), SC 55 in West Palawan (6.82 percent), SC 69 in Central Visayas (50 percent), SC 50 in North Palawan (10 percent).