Basic Energy Corp. (BEC) will drill the first well in its Mabini Geothermal Project.
Located in the Calumpan Peninsula, the Mabini Geothermal Sevice Contract 8 covers 3,841 hectares. Based on a pre-feasibility study, the area is projected to yield a capacity of between 20MW and 60MW.
In a meeting of January 27, 2016, the BEC board of directors gave the management’s proposed budget the thumbs up to drill in May this year. The approved budget covers the land rights, civil works, drilling and tests.
Angel Gahol, Basic Energy assistant corporate secretary, said the budget details cannot yet be disclosed because until the consortium approves the allocation.
Meanwhile, BEC board decided to return to the Department of Energy (DOE) four Hydropower Service Contracts covering Puntian 1, Puntian 2, Malogo 2 and Talabaan, all located in Negros Occidental. The move is in line with efforts to streamline its renewable energy projects and concentrate resources on geothermal service contracts and other projects in the pipeline.
The four Hydropower Service Contracts showed promise based on initial studies, but BEC’s geothermal endeavors hold greater potential. BEC is keen on investing in projects with faster turnaround time, including prospects in solar energy.