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THURSDAY, 05 MAY 2011 19:23 PAUL ANTHONY A. ISLA / REPORTER
LISTED Trans-Asia Oil and Energy Development Corp. (Trans-Asia) said on Thursday that two geothermal wells in the Maibarara geothermal steam field have attained commercial wellhead pressures and stable chemistry for steam supply to a power plant.
In a disclosure to the Philippine Stock Exchange, Trans-Asia said the wells have an aggregate capacity of about 15 megawatts (MW).
Trans-Asia also noted that further bore output measurements will be conducted until the end of the month to determine if the commercial output could be sustained.
The project is being operated by Maibarara Geothermal Inc., a 25-percent owned subsidiary of Trans-Asia.
As part of the joint-venture agreement, Trans-Asia said it will organize the Maibarara Geothermal Inc. (MGI), capitalized at P1.125 billion with Trans-Asia, PetroGreen and PNOC-RC holding a stake in the company of 25-, 65- and 10-percent, respectively.
The Department of Energy (DOE) awarded the Maibarara geothermal service contract to PetroEnergy Resources Corp., parent company of PetroGreen, on Feb. 1, 2010.
MGI aims to develop the Maibarara steamfield at the western flank of Mount Makiling and commission the first 20-MW power plant by the second half of 2013.
Trans-Asia added that the total project cost may reach P2.8 billion.
During the first two years of the service contract, MGI will undertake the project at a total estimated cost of $12 million to $18 million, including information and education campaigns, environmental permitting, road rehabilitation, work-over and discharge tests of old wells, drilling of up to two wells (if needed), detailed engineering studies and initial civil works for the steam field and power plant.
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