Maibara Geothermal asks for transfer of service contract
Maibarara geothermal field at Mount Makiling, Philippines
Alexander Richter
30 Sep 2010
Philippines' Maibarara Geothermal Inc. (MGI) has asked the country's Department of Energy to allow PetroEnergy Resources Corp. to transfer its geothermal service contract to MGI at its project at Mt. Makiling.
In news from the Philippines, it is reported that “Maibarara Geothermal Inc. (MGI) has asked the Department of Energy to allow PetroEnergy Resources Corp. to transfer its geothermal service contract to MGI.
MGI is a joint venture company that was formed to put up a P2.8 billion 20-megawatt power plant on Mt. Makiling. It is composed of PetroEnergy’s subsidiary PetroGreen Energy Corp.,Trans-Asia Oil and Energy Development Corp., and PNOC Renewables Corp.
In a disclosure to the Philippine Stock Exchange, Trans-Asia reported that MGI has already executed a deed of assignment and assumption with PetroEnergy, which originally held the service contract license.
Under the agreement, MGI would now be the entity to implement the work program proposed by PetroEnergy to develop the Maibarara geothermal field located in Calamba, Laguna and Sto. Tomas, Batangas.
The integrated steamfield and power plant is intended to be commissioned by late 2013.
During the first two years of the program (2010 to 2011), MGI is spending about P840 million for the environmental permit, road rehabilitation, work-over of old wells and drilling new ones, flow tests, detailed engineering design and initial civil works for the steam field and power plant.
According to PetroEnergy, consultations with host communities, local government units, University of the Philippines Los Baños, as well as other stakeholders in Batangas and Laguna yielded strong support and endorsements for the geothermal power project.
PetroEnergy’s subsidiary PetroGreen Energy Corp.holds a 65-percent stake while Trans-Asia has a 25-percent interest; and PNOC-RC, with a 10-percent interest.”
Source: Business Inquirer
