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Phinma Energy plans on geothermal deal this year with more to follow in 2018

Rice terraces in Northern Luzon, Philippines (source: flickr/ Rex Pe, creative commons)
Alexander Richter 26 Jun 2017

Phinma Energy, formerly Trans-Asia, has announced plans to close a geothermal deal this year, looking at a specific opportunity in North Luzon, Philippines. But overseas deals are also of interest but the earliest in 2018.

Earlier this year, we reported of the renaming of Trans-Asia Petroleum into Phinma Energy, the company now announces that it is hopeful in closing a geothermal project deal within this year.

As reported by PhilStar, Phinma 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. There are though no further details available publicly.

In April, the company changed its name from Trans-Asia Petroleum Corp., signalling its entry into the geothermal exploration and production sector.

The company is specifically looking at one project in North Luzon and there are ongoing discusisons for a farm-in agreement, according to PPGI president and chief executive officer Francisco Viray. But the company is also considering overseas venture, but this will wait until next years.

Source: PhilStar