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Basic Energy receives development certificate for Sorsogon resources

Mount Bulusan, Philippines (source: flickr/ Alma Gamil, creative commons)
Alexander Richter Alexander Richter 21 Jan 2014

Basic Energy Corp. receives renewable energy developer certificate from the Philippines Department of Energy for the development of geothermal resources at Sorsogon.

In news this morning, Philippine based Basic Energy Corp., announces “it has received its certificate of registration from the Philippines’ Department of Energy as a renewable energy developer for the development of geothermal resources in Sorsogon.

These geothermal resources are located in Magallanes, Juban, Irosin, Bulusan, Magdalena, Matnog and Bulan in Sorosogon.

“The certificate of registration shall serve as the basis of entitlement to incentives of Basic Energy under Republic Act 9513, otherwise known as the Renewable Energy Act of 2008,” said Basic Energy, “because of its status as a renewable energy (RE) developer of geothermal resources in Magallanes, Juban, Irosin, Bulusan, Magdalena, Matnog and Bulan, Sorosogon.”

“The certificate will serve as the basis of entitlement to incentives under Republic Act No. 9513, otherwise known as the Renewable Energy Act of 2008,” Basic Energy said without adding any more details. In December 2013, the DOE awarded a fourth geothermal service contract to Basic Energy.

The area to be developed covers several geothermal prospects surrounding the active volcano Mount Bulusan.

Basic Energy said in November last year that it would embark on a number of significant projects this year, with total funding of roughly P300 million.

The firm will spend P100 million for its project in Indonesia, particularly to drill 10 wells for its project in Central Java.

If successful, the wells would open up more opportunities in other parts of this field, officials have said.

So far, Basic Energy has spent some P46 million to drill the first two wells in partnership with Petrosolve Malaysia. Pre-production work should be completed this year.

In the geothermal sector, Basic Energy said it would start geological exploration and other geo-scientific studies for geothermal concessions in Batan, Benguet and Camarines Sur.”

Source: PhilStar, Inquirer