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Business

DOE okays Basic Energy’s hydro projects in Negros

Iris Gonzales - The Philippine Star

MANILA, Philippines - The Department of Energy (DOE) has approved several hydropower contracts of Basic Energy Corp. in Negros Occidental, the company said yesterday.

Basic Energy said it has received the DOEs approval of the hydropower service contracts for the two-megawatt Puntial 1, two-MW Puntian 2, three-MW Malogo 2 and two-MW Talabaan hydropower projects.

The hydro service contracts cover the municipality of Murcia, Victoria City and Cadiz City in Negros Occidental, Basic Energy said.

The contracts cover the construction, installation, operation and maintenance of hydropower system to convert hydropower to electrical power and the transmission of such electrical power and other non-electrical uses, the company said.

The company also earlier received the green light from the DOE to develop geothermal resources in Sorsogon.

These geothermal resources are located in Magallanes, Juban, Irosin, Bulusan, Magdalena, Matnog and Bulan towns.

Basic Energy said it would embark on a number of significant projects this year, with total funding of roughly P300 million. It plans to spend P100 million for its project in Indonesia, particularly to drill 10 wells for its project in Central Java.

If successful, the wells would open up more opportunities in other parts of this field, company officials said.

Basic Energy has spent some P46 million to drill the first two wells in partnership with Petrosolve Malaysia. Pre-production work would be completed this year.

Basic Energy, meanwhile, is allocating P20 million for its three percent share in the drilling of a sizeable gas prospect in Mindoro, the Progreso Prospect in Service Contract 55.

In the geothermal sector, Basic Energy said it would commence geological exploration and other geo-scientific studies for geothermal concessions in Batan, Benguet and Camarines Sur.

BASIC

BASIC ENERGY

BASIC ENERGY CORP

BENGUET AND CAMARINES SUR

CENTRAL JAVA

DEPARTMENT OF ENERGY

ENERGY

MATNOG AND BULAN

NEGROS OCCIDENTAL

PETROSOLVE MALAYSIA

PROGRESO PROSPECT

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