In a disclosure to the Philippine Stock Exchange, Basic Energy said it conducted initial negotiations, as the company has been looking for partners to bankroll the project, which has the potential to generate over 20 MWe of electricity.
Oscar L. De Venecia, Basic Energy president and chief executive officer, told reporters in a recent media briefing that two to three local and foreign companies each are interested in the project.
Under its service contract with the Department of Energy, Basic Energy is required to drill one exploration well at a cost of $3.8 million by July next year.
The exploratory well will confirm the extent of steam gas that can be generated in the service contract area.
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