Monday, April 10, 2017

Philippines: Trans-Asia Petroleum Corp. Changing its Name to Phinma Petroleum and Geothermal, Inc.

Trans-Asia Petroleum looking at geothermal energy projects (BusinessWorld Online Edition)

Trans-Asia Petroleum Corp. is changing its name to Phinma Petroleum and Geothermal, Inc. to reflect the change in its primary purpose, which will include prospective projects in geothermal energy, its president said.

Francisco L. Viray, Trans-Asia Petroleum president and chief executive officer, said the company would look for geothermal prospects in the Philippines before checking possible ventures outside the country.

Although there are still geothermal prospects in the country, Mr. Viray said the remaining ones are what he described as “challenging.”

He said the company was looking at a prospective project in north Luzon, but declined to give details. According to Raymundo A. Reyes, Jr., Trans-Asia Petroleum executive vice-president and chief operating officer, the capacity of the prospective geothermal project would be bigger than the previous one in Batangas.

“Its capacity may be more than Maibarara,” he said, referring to Maibarara Geothermal, Inc., a project in Sto. Tomas, Batangas where the company has a stake.

“Maibarara is 40 to 60 megawatts but as of now, only 32 MW is proved. It can double but we have to drill but its anticipated capacity is much larger,” he said.

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