Energy firm set to drill 2 new wells
Maibarara Geothermal Inc. (MGI) is set to drill two additional wells within the Maibarara geothermal field—a move that will keep the joint venture on track to putting up a 20-megawatt power facility on Mt. Makiling.
In a first-semester report it filed with the Philippine Stock Exchange, joint venture member PetroEnergy Resources Corp. said one of the two wells would be a production well, while the other is a condensate reinjection well.
Maibarara Geothermal—which is composed of PetroEnergy, Trans-Asia Oil and Energy Development Corp. and PNOC Renewables Corp.—also plans to install a Fluid Collection and Reinjection System (FCRS) for the steamfield in November. On the other hand, construction of the power plant and transmission lines will begin in January 2012.
“Construction off these facilities will continue throughout 2012 and is estimated to be completed by the third quarter of 2013. Thereafter, the power plant will commence electricity generation,” PetroEnergy reported.
In the second half of the year, the consortium will focus on field development, or the construction and installation of facilities for the geothermal power plant. In the first semester, the joint venture was busy securing project financing, studying grid connections and negotiating power sales contracts.
Earlier this year, Maibarara Geothermal said it would push through with its P2.8-billion power project, after measurements of two wells previously drilled in the field yielded positive results.
Energy Undersecretary Jose M. Layug Jr. earlier declared that the government, through the Department of Energy, fully supported the efforts of Maibarara Geothermal.
“As the first geothermal power plant to be installed since 2007, Maibarara has shown its commitment to develop the resource and we are optimistic of the success of the Maibarara power project. We look forward to the immediate and long-term benefits of the project not only to its host community, but to the rest of the country as well,” Layug said.
