MANILA, June 15 (PNA) – PetroGreen Energy Inc-led Maibarara Geothermal Inc. (MGI) has proven 10 Megawatts (MW) of capacity for its expansion project, according to a disclosure from the Philippine Stock Exchange (PSE).
”MGI completed bore output testing that confirmed sufficient steam supply under the wellheads for its 10MW Maibarara-2 (M2) expansion project,” Petroenergy Resources Corp. said Monday.
Its expansion project was started in the second half of 2014, with the drilling of two new wells namely MB15RD and MB16D.
The tests were completed five days ahead of schedule for MB15RD, while MB16D was finished 14 days early.
The Batangas-based geothermal plant currently has a capacity of 20 MW.
Department of Energy-Renewable Energy Management Bureau (DOE-REMB) Director Mario Marasigan said in the disclosure the agency is pleased with the tests MGI completed and looks forward to the new 10 MW power station by 2017.
He added the host community could expect additional royalties and other benefits when the expansion project starts commercial operations.
Last December, Marasigan said the 10 MW expansion will cost USD 25 million, with the previous 20 MW project including the power station and transmission lines amounting to USD 2.4 billion.
MGI was awarded the service contract for the project through the Open and Competitive Selection Process (OSCP).
The MGI consortium consists of PetroGreen Energy Inc. with a 65 percent stake, Trans-Asia Oil and Energy Development Corporation with 25 percent and the Philippine National Oil Corporation-Renewables Corporation (PNOC-RC) with 10 percent.
PetroGreen Energy is majority owned by Petroenergy Resources Corporation at 90 percent, while EEI Power Corporation has a 10 percent stake. (PNA)