Philippines: Basic Energy to Fund Further Geothermal Exploration

Basic Energy earmarks P22M for geothermal exploration (BusinessWorld Online)

Basic Energy Corp. has earmarked P200 million for its geothermal energy exploration business in 2016, which it said “will be adequately funded by its cash and short-term investments.”

Basic Energy said it would continue discussions with other companies “for the formation of a consortium to jointly undertake exploration and development activities for the geothermal areas awarded” to it.

Earlier this week, the company said it had obtained approval from the Department of Energy for its notice of intent to drill in Mabani, Batangas under geothermal service contract (GSC) No. 8 for which it has secured the required permits, leases and licenses.

Aside from GSC No. 8, the energy department awarded Basic Energy with four other service contracts for the exploration and development of geothermal energy, two of which are in the Bicol region: GSC No. 2013-02-043 in Camarines Sur and Albay; and GSC No. 2013 -11-048 in Sorsogon. The others are GSC No. 2013-02-042 in Bataan; and GSC No. 2013-02-041 in Mountain Province and Ifugao.

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