LOPEZ-LED Energy Development Corp. (EDC) is ramping up its expansion overseas as it starts its first major international drilling campaign for the Mariposa geothermal prospect in Chile later this year.
EDC president and chief operating officer Richard B. Tantoco said they are on track to drill two to three wells at a 104,000-hectare geothermal concession 250 kilometers south of Santiago City by the fourth quarter of 2015.
“We are very excited to begin our first major international drilling campaign in Chile this October 2015 with a planned two to three wells,” he said.
In preparation for this activity, EDC began drilling the top holes or first 50 meters of the wells at its Mariposa concession in Chile.
“The installation of the anchor casings in the top hole sections of the well will reduce the time it will take to drill the full three-kilometer wells, which is critical as we only have five months of the Chilean summer starting October,” said Tantoco.
He added that the company continues to invest in needed infrastructure for the Mariposa project as it has budgeted $58 million for the exploration drilling activities.
These efforts, he said, support EDC’s goal of making the Mariposa project one of the pioneering geothermal plants in Chile.
Arman Lapus, EDC vice president and managing director for Latin America, explained that the drilling is necessary to prove whether there are available resources.
“So we’re hoping to drill at least two to three wells this year to prove that resources are available,” he added.
EDC acquired a 70 percent stake in the Mariposa project from Alterra Power Corp. of Canada in 2013 in line with the company’s thrust to establish a beachhead abroad.
The Chilean Ministry of Energy awarded to EDC the Newen, San Rafael and Batea geothermal exploration concession areas to be exclusively developed by the Philippine-based company.
It has also submitted 13 applications for geothermal concessions in Chile, boosting its portfolio of geothermal exploration projects in a foreign country.
With over 35 years of experience in developing geothermal power projects in the Philippines, EDC is now taking an aggressive step in expanding its operations globally.