Philippines:

PetroEnergy Raising P600-M for Geothermal Expansion Project (Manila Bulletin)

Maibarara geothermal plant (Courtesy PetroEnergy)

Filipino listed firm PetroEnergy Resources Corporation will be raising P600-million via stock rights offering to partly bankroll its expansion projects.

PetroEnergy vice president Francisco G. Delfin has noted that the proceeds of the offer will partly bankroll their expansion projects – primarily the 10 MW expansion of the Maibarara geothermal plant.

Company officials have indicated that they will reach decision point soon on the Maibarara plant expansion. The geothermal plant was initially developed at 20 MW capacity, but based on assessment, the steam extraction from the field could still be optimized.

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