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Maibarara Drills New Geothermal Well at Project in Philippines

Aug. 30 (Bloomberg) -- 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. 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 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.

To contact the reporter responsible for this story: Sally Bakewell in London at Sbakewell1@bloomberg.net

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

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