Maibarara Drills New Geothermal Well at Project in Philippines

Maibarara Geothermal Inc., a Philippines-based developer, will today begin drilling a new well at its geothermal project in Batangas province.

The well will be used to re-inject condensate fluids from the 20-megawatt geothermal project in Santo Tomas into a reservoir below ground to recharge the system, Maibarara’s majority owner Petroenergy Resources Corp. (PERC) said in a statement.

Maibarara, based in Pasig, announced the plans after this month completing a third production well to supply steam to the plant, expected to begin operating late 2013. Geothermal projects use energy from hot springs or underground steam fields to produce power.

Maibarara is also owned by Trans-Asia Oil & Energy Development (TA) Corp. and the renewable-energy unit of government- owned Philippine National Oil Co. It got a 2.4 billion-peso ($57 million) loan deal in September from Rizal Commercial Banking Corp. and Bank of the Philippine Islands to fund the project’s steamfield pipeline, power plant and transmission equipment, according to the company.

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To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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