• 4 minutes What If Canada Had Wind and Not Oilsands?
  • 8 minutes EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 17 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 8 hours Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 17 hours Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 2 hours Could oil demand collapse rapidly? Yup, sure could.
  • 3 hours U.S. Withdraws From U.N. Human Rights Council
  • 1 hour Saudi Arabia turns to solar
  • 17 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 1 hour "The Gasoline Car Is a Car With a Future"
  • 3 hours Gazprom Exports to EU Hit Record
  • 54 mins What If Canada Had Wind and Not Oilsands?
  • 3 hours OPEC Meeting Could End Without Decision - Irony Note Added from OPEC Children's Book
  • 21 hours North Korea, China Discuss 'True Peace', Denuclearization
  • 22 mins Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 7 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 21 hours WE Solutions plans to print cars
  • 1 day Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 14 hours EVs Could Help Coal Demand
Oil Inches Higher On Strong Crude Draw

Oil Inches Higher On Strong Crude Draw

Oil prices rebounded on Wednesday…

The Next Stage In Perovskite Solar Development

The Next Stage In Perovskite Solar Development

Perovskite photovoltaic cells have long…

Philippines Invests in Geothermal Energy

The Philippines’ PetroEnergy Resources Corp. has signed an energy sales agreement with partner Trans-Asia Oil and Energy Development Corp. to purchase electricity generated by the 20 megawatt Maibarara geothermal project, which is schedule to come online by September 2013.
 
Philippines’ PetroEnergy Resources Corp. announced the news in a filing with the Philippine Stock Exchange.
 
In a separate filing with the Philippine Stock Exchange Trans-Asia, a licensed wholesale aggregator in the deregulated power market, emphasized that energy sales agreement with Trans-Asia Oil and Energy Development Corp. “covers a 20-year period,” The Manila Bulletin reported.

Maibarara Geothermal Inc. is constructing the geothermal power facility.  PetroEnergy Resources said in a press release, “Maibarara Geothermal Inc. will sell the entire output of the plant starting in 3rd quarter of 2013, when the power facility is targeted to begin commercial operations. The energy sales agreement will be subject to review every five years.”
 
The Maibarara Geothermal Inc. 20 megawatt Maibarara geothermal project’s output will be channeled to Luzon’s electrical power grid. PetroEnergy Resources Corp. PECR’s subsidiary Petrogreen Energy Corp. will have a 65 percent equity stake in the Maibarara geothermal facility while Trans-Asia will hold a 25 percent equity share, with state-owned Philippine National Oil Company-Renewables Corp. retaining the remaining 10 percent.

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News