Phillipines based Basic Energy Corp. is looking at developing a number of geothermal sites in the country.
In a regulatory filing to the Philippine Stock Exchange, Basic said it filed applications for geothermal energy service contracts in four locations classified as frontier areas with the Department of Energy (DOE).
In September last year, Basic signed a farm-in agreement with Geoenergy, which allowed the latter to acquire up to 70-percent participating interest in the Mabini geothermal project. This deal entails funding 100 percent of the exploration costs up to the completion of drilling one geothermal exploration well.
Geoenergy said it plans to acquire, explore and develop geothermal energy resources in the Philippines for power generation.
