Basic Energy keen on development of West Bulusan project
While waiting for the service contract to be awarded by the Energy Department in the Philippines, Basic Energy Corp. says it remains keen on the development of the West Bulusan project in Sorsogon province.
According to local news, “Basic Energy Corp. remains keen on the development of the West Bulusan geothermal power project in Sorsogon province.
In an interview, Basic Energy president Oscar de Venecia Jr. said the company’s application was still under review by the Energy Department. The generation capacity of West Bulusan geothermal project has yet to be determined, he said.
“We are still working with DoE on West Bulusan. All will depend if we get it [service contract] or not,” De Venecia said.
Basic Energy is also undertaking exploratory works for a 20-megawatt geothermal project in Mabini, Batangas.
De Venecia said once successful exploration and steam resource was determined, Basic Energy would put up a power plant in Batangas.
Basic Energy allotted $2.5 million for capital expenditures this year to finance energy projects including an oil exploration venture in Indonesia.
De Venecia earlier said apart from the Indonesian venture, the company would also spend for its geothermal, mini-hydro and other oil and gas projects.
“For this year, capex is around $2.5 million. Actually, Indonesia happened recently…so just a minor part of that is the Indonesia [project],” he said.
“Our investments are bigger this year. We didn’t spend much on the projects last year…We’re just estimating because our contractors are just fixing…hopefully we can squeeze all of that in to $2 to $2.5 million,” he said.
Source: Manila Standard