Basic Energy Corp. (BEC) has approved in principle a partnership with Desco Inc. for the development of its Iriga geothermal service contract.
In a disclosure to the Philippine Stock Exchange, BEC said its board of directors had agreed that Desco would be taking up an 80-percent stake in the project.
For and on behalf of the consortium, Desco will undertake a geophysical survey and all other steps required to bring the project to the drilling stage.
The Iriga geothermal service contract is in the pre-development stage. It is part of plans to develop more fields for electricity production and make use of geothermal water.
The Iriga, Camarines Sur geothermal area is bounded in the north by the Isarog geothermal block of PNOC-Renewables Corp., a unit of state firm Philippine National Oil Co., and to the east by the highly productive Tiwi Geothermal Service Contract of AP Renewables, Inc. (formerly Chevron).
The areal landscape is dominated by Mount Asog, which is immediately southwest of Lake Buhi in Southern Luzon.
