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| Richard Tantoco, EDC president and COO (Courtesy EDC) |
Energy Development Corp. (EDC) is allotting $40 million (about P1.67 billion) for its international geothermal ventures in Chile, Peru and Indonesia for next year.
Richard Tantoco, EDC president and chief operating officer, said that EDC is looking for opportunities in developing geothermal energy in other countries, but Chile, Peru and Indonesia are those which are likely to have results by next year.
“We’re pursuing it now, we have teams exploring the sites. We hope to drill in Chile by next year,” Tantoco said.
For this year, the the company will be spending around $2.5 million (about P100 million) for exploration funding.
“Next year, we’re budgeting about $40 million for drilling. Most likely based on the projects today, we’re going to be drilling in Chile first, initially three wells,” Tantoco said.
Besides countries Chile, Peru, and Indonesia, EDC is eyeing possible projects in Kenya.
“We’re looking at Kenya but with a lot of caution. We have a team going there this June but nothing firm yet,” Tantoco noted.
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