Basic wins 3 geothermal energy contracts

MANILA, Philippines—Publicly listed Basic Energy Corp. has bagged three geothermal service contracts from the Department of Energy to explore and develop three geothermal concession areas in Luzon.

In a disclosure to the Philippine Stock Exchange Friday, Basic Energy identified these three projects as the Iriga, Mariveles and East Mankayan geothermal power projects.

According to Basic Energy, the East Mankayan geothermal area covers the provinces of Benguet, Mountain Province and Ifugao. It lies immediately east of the Cervantes, llocos Sur, geothermal block of Pan Pacific Power Phils. Inc., south of the Bontoc-Sadanga block which is operated by Magma Energy Resources and immediately south of the Daklan block operated by Clean Rock Energy.

This particular area, Basic Energy added, is surrounded by known thermal manifestations, such as hot springs and thermally altered grounds.

It said that the Mariveles geothermal area in Bataan is situated along the West Luzon Volcanic Arc, which starts from Mt. Pinatubo in the north and extends south across Manila Bay to Batangas and northeastern Mindoro.

The Iriga geothermal area in Camarines Sur bounded on the north by the lsarog geothermal block of PNOC-Renewables Corp. and on the east by the highly productive Tiwi geothermal service contract area of the Aboitiz-led AP Renewables, Inc. The landscape is dominated by the lriga or Asog Volcano, immediately southwest of Lake Buhi in southern Luzon.

Basic Energy earlier said that these three geothermal projects were in line with the company’s business thrust this year to look into new projects in renewable energy development and production.

Currently, the company has a planned 20-megawatt Mabini geothermal power project in Batangas. While it has been continuing discussions with other companies for a potential joint venture, Basic Energy has been undertaking the necessary exploratory works within the site to fulfill its obligations under its geothermal service contract.

Once the proposed geothermal power facility is operational, Basic Energy said it plans to sell the power to be generated to electric cooperatives and the wholesale electricity spot market.