Phinma Energy (form. Trans-Asia) merges oil and geothermal in new unit
PHINMA Energy has merged its upstream business for the oil and geothermal energy under new subsidiary called PHINMA Petroleum and Geothermal, Inc
As reported from Manila today, publicly listed PHINMA Energy Corporation has announced the merger of its upstream business units on petroleum and geothermal energy under newly incorporated subsidiary PHINMA Petroleum and Geothermal, Inc.
The company’s corporate identity took off from the defunct Trans-Asia Petroleum Corporation – and this is part of the continuing re-branding process that the PHINMA Group has been pursuing.
In the amended articles of incorporation, it was stipulated that the company can “engage in the business of exploration, prospecting, discovery, development, extraction, production and exploitation of crude oil, natural gas, natural gas liquids.”
It can similarly “process, manufacture, refine, prepare for market, buy, sell and transport and otherwise deal in the same in crude, raw or refined condition.”
The company is also warranted “to buy, sell, exchange, lease, acquire interests through service contracts, participating agreements and all other forms of contracts or concessions dealing in lands, mines and mineral rights,” covering also that of the geothermal sector.
Over the years, PHINMA group has its ventures in the upstream oil and gas segment and also cornered key partnership deal in the Maibarara geothermal power facility which is currently advancing into its 12-megawatt capacity expansion – the downstream component of the business.
The company has 25-percent stake in the project, of which first phase is already under commercial operation at 20MW capacity.
PHINMA Energy further partnered with Basic Energy Corporation for prospective geothermal development in Mabini, Batangas for a potential capacity of 20 to 60 MW.
Source: Manila Bulletin