• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours How Far Have We Really Gotten With Alternative Energy
  • 9 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 21 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)

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

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News