(The Philippine Star) | Updated June 26, 2017 - 12:00am
MANILA, Philippines -
Newly renamed Phinma Petroleum and Geothermal Inc. (PPGI) is hopeful of closing
a geothermal project deal within the year.
The company has been
looking at geothermal projects as it shifts its focus from the capital
intensive petroleum exploration-production business, PPGI executive vice
president and chief operating officer Raymundo Reyes Jr. said in a text
message.
However, he said no
further details could be made available to the public. But the company is
hopeful it can close a deal within the year, Reyes said.
In April, the company
changed its name from Trans-Asia Petroleum Corp., signalling its entry into the
geothermal exploration and production sector.
ADVERTISING
The geothermal sector
has lower risk, lower cost and has 20 to 30 percent success chance compared
with the oil sector.
One project being
looked at is located in North Luzon and is under discussions for a farm-in
agreement, PPGI president and chief executive officer Francisco Viray said
earlier.
Overseas ventures would
be looked at by next year, Reyes said.
The company and its
partners maintained their service contracts (SC) 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, it 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).
No comments:
Post a Comment