Trans-Asia to rename with new strategic focus on geothermal development in Philippines
Philippines-based Trans-Asia Petroleum Co. announces a name change to "Phinma Petroleum and Geothermal, Inc." to reflect a focus on geothermal development investments in the Philippines and possibly in Indonesia.
As reported today from the Philippines, Trans-Asia has announced a change of its name. Renaming itself from Trans-Asia Petroleum Co. to “Phinma Petroleum and Geothermal, Inc.”, the company wants the name change to reflect a strategic change. The company is changing its primary focus, which will include early stage geothermal development projects, so the President of the company.
“We will look at geothermal that’s why there is a change in name and change in primary purpose,” said Francisco L. Viray, Trans-Asia Petroleum president and chief executive officer, on the sidelines of the company’s annual stockholders meeting in Makati City. He said the company would look for geothermal prospects in the Philippines before checking possible ventures outside the country.
Although there are still geothermal prospects in the country, Mr. Viray said the remaining ones are what he described as “challenging.” He said the company was looking at a prospective project in north Luzon, but declined to give details.
“When you acquire, you have an annual program so the usual development program for geothermal. There could also be prospects abroad but not yet this year,” he said.
Raymundo A. Reyes, Jr., Trans-Asia Petroleum executive vice-president and chief operating officer, the capacity of the prospective geothermal project would be bigger than the previous one in Batangas. “Its capacity may be more than Maibarara,” he said, referring to Maibarara Geothermal, Inc., a project in Sto. Tomas, Batangas where the company has a stake.
“Maibarara is 40 to 60 MW but as of now, only 32 MW is proved. It can double but we have to drill but its anticipated capacity is much larger,” he said.
“In Indonesia, there is also a geothermal prospect, the company is exploring. Possibly through bidding with a local partner but that is not yet final. That’s one avenue,” Mr. Reyes said, adding that the bidding would be this year.
Source: Business World Online