The Philippines Energy Department approved the transfer of an 80-percent stake in the Iriga geothermal service contract from Basic Energy Corp. to local company Desco Inc.
Basic Energy signed the deed of assignment to Desco for an 80-percent stake in the Iriga service contract in January, subject to regulatory approvals. Basic Energy will own the remaining 20 percent in the service contract.
Under the approved terms, Desco will undertake for and on behalf of the consortium the geophysical activities, including the conduct of a magneto-telluric survey, and all other steps required to bring the project to drilling.
The Iriga, Camarines Sur geothermal area is bounded in the north by the Isarog geothermal block of PNOC Renewables Corp.