From: The Manila Times
MGI to drill new well for Maibarara
May 11, 2016
Maibarara Geothermal Inc. (MGI) on Tuesday signed a contract with Desco Inc. for the provision of a drilling rig and services for MB-17RD, a new reinjection well in MGI’s Maibarara geothermal field in Santo Tomas, Batangas.
In a disclosure in Philippine Stock Exchange (PSE), MGI said that the well is intended to be spudded by the last week of May and programmed to reach a total depth of 1,900 meters.
MGI, the owner and developer of the Maibarara geothermal power facility, is a joint-venture company owned 65 percent by PetroGreen Energy Corp. (PGEC), 25 percent by Trans-Asia Oil (TAO) and Energy Development Corp. (EDC), and 10 percent by PNOC Renewables Corp. (PNOC RC).
PGEC is the renewable energy holding company 90 percent owned by publicly listed PetroEnergy Resources Corp. (PERC). Its 20MW Maibarara-1 integrated geothermal power facility, commissioned in February 2014, was declared the first commercial renewable energy (RE) project under the 2008 RE Law by the Department of Energy (DOE).
“The drilling of MB-17RD comes after the final investment decision for our 12MW Maibarara-2 project (M2) was approved by the MGI Board last January 18, the P1.4 billion loan from RCBC was approved last February 29, and the 20-year offtake agreement for M2 signed with TAO last April 25,” MGI President Francisco Delfin Jr. said.
“In the meantime, construction works for the expanded steamfield pipeline system by several contractors have been ongoing since early February. We are committed to completing the M2 unit by October 2017 to provide more clean, renewable and reliable baseIoad power generation for the Luzon grid without need for feed-in-tariff support,” Delfin added.
While PERC Asst. Vice President for Technical Affairs, Maria Victoria Olivar added that, “Well MB-17RD is intended to increase the reinjection capacity of the expanded Maibarara geothermal field. We will mobilize Desco Rig 30 as soon as we receive approval from the DOE of our notice of intention to drill filed last week.”
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