The Philippines Department of Energy (DOE) has approved the 25 percent buy-in by Trans-Asia Oil and Energy Development Corp. in the planned 20 MW Mabini geothermal power project located in Batangas, operated by Basic Energy.
Trans-Asia said the consortium is preparing for the drilling of one exploratory well in the area by the third quarter of 2016.
Both parties signed in December 2013 an agreement for the exploration and development of geothermal service contracts (GSC). Under the deal, Trans-Asia acquired a 10 percent stake in Basic Energy’s Mabini GSC, with the option to boost its stake to up to 40 percent.
Furthermore, it also has the option to acquire up to 60 percent of Basic Energy’s other geothermal service contracts in Mariveles Bataan, East Mankayan in Benguet, West Bulusan in Sorsogon and Mt. Iriga in Camarines Sur.
