News

PetroEnergy Resources gets clearance for 40MW Maibarara project

Taal Volcano, Batangas/ Philippines (source: flickr/no focus, creative commons)
Alexander Richter 11 Aug 2010

In the Philippines, PetroEnergy Resources Corp. receives environmental clearance for its 40-megawatt Maibarara geothermal project, a JV between the company, Trans-Asia and PNOC-Renewables.

In the Philippines, “listed PetroEnergy Resources Corp. said that the Environment Department gave the firm an environmental clearance for its 40-megawatt Maibarara geothermal project located in Calamba, Laguna and Sto. Tomas, Batangas.

“The thorough review conducted by the Environment Department show the government’s commitment to clean and renewable energy projects,” PetroEnergy president Milagros Reyes said.

PetroEnergy will now prepare the work-over of the wells scheduled late this year or early next year, Reyes said.

PetroEnergy signed a joint-venture agreement with Trans-Asia Oil and Energy Development Corp. and Philippine National Oil Co.-Renewables Corp. on May 19 for the integrated development and operation of the Maibarara project.

The consortium agreed to organize Maibarara Geothermal Inc., with PetroEnergy holding 65 percent, Trans-Asia at 25 percent, and PNOC-Renewables Corp. at 10 percent.

Also, the joint venture aims to develop the Maibarara geothermal steam field located at the western flank of Mount Makiling. Total project cost may reach P2.8 billion.

PetroEnergy is also planning to put two wind projects in Aklan and Pangasinan with a total capacity of 60 megawatts (MW) at a cost of $53 million.

PetroEnergy, formerly Petrotech Consultants Inc., was organized on September 29, 1994 to provide specialized technical services to companies exploring for oil in the Philippines.”

Source: GMA News