Corporate News

By Victor V. Saulon, Sub-Editor

Trans-Asia Petroleum looking at geothermal energy projects

Posted on April 11, 2017

TRANS-ASIA Petroleum Corp. is changing its name to Phinma Petroleum and Geothermal, Inc. to reflect the change in its primary purpose, which will include prospective projects in geothermal energy, its president said.

“We will look at geothermal that’s why there is a change in name and change in primary purpose,” said Francisco L. Viray, Trans-Asia Petroleum president and chief executive officer, on the sidelines of the company’s annual stockholders meeting in Makati City on Friday.

He said the company would look for geothermal prospects in the Philippines before checking possible ventures outside the country.

Although there are still geothermal prospects in the country, Mr. Viray said the remaining ones are what he described as “challenging.”

He said the company was looking at a prospective project in north Luzon, but declined to give details.

“When you acquire, you have an annual program so the usual development program for geothermal. There could also be prospects abroad but not yet this year,” he said.

Raymundo A. Reyes, Jr., Trans-Asia Petroleum executive vice-president and chief operating officer, the capacity of the prospective geothermal project would be bigger than the previous one in Batangas.

“Its capacity may be more than Maibarara,” he said, referring to Maibarara Geothermal, Inc., a project in Sto. Tomas, Batangas where the company has a stake.

“Maibarara is 40 to 60 megawatts but as of now, only 32 MW is proved. It can double but we have to drill but its anticipated capacity is much larger,” he said.

“In Indonesia, there is also a geothermal prospect there. Possibly through bidding with a local partner but that is not yet final. That’s one avenue,” Mr. Reyes said, adding that the bidding would be this year.

Trans-Asia Petroleum has interests in five oil and gas service contracts (SC), namely: 33.34% in SC 51 in Eastern Visayas; 6.82% in SC 55 in offshore West Palawan; 7.78% in SC 6 Block A in Northwest Palawan; 14.06% in SC 6 Block B also in Northwest Palawan; 50% interest in SC 69 in Camotes Sea, Eastern Visayas; and 10% interest in SC 50 is North Palawan. These contracts are in various stages of studies and drilling.

On Monday, shares in the company rose 0.68% to P2.95 each.