Maibarara completes Batangas power plant's steam well

Maibarara Geothermal Inc. (MGI) has completed drilling its Batangas geothermal power plant’s third well 14 days ahead of schedule. The well will supply steam for the 20 megawatt power plant.

 

Drilling reached its target depth of 2150 meters on August 5, with the well’s wall completed five days later, according to MGI’s disclosure to the Philippine Stock Exchange Thursday.

 

Furthermore, MGI has started building another well that would reinject condensate fluid back to the reservoir in order to recharge the power plant.

 

MGI has invested P2.4 billion for the project’s steam field pipelines, power station, and transmission facilities. The capital was borrowed from the Rizal Commercial Banking Corp. and the Bank of the Philippine Islands last year.

 

The steam powered plant is targeted for operation late 2013.

 

MGI is a consortium composed of listed PetroGreen Energy Corp., Trans-Asia Oil & Energy Development Corp. and government-owned Philippine National Oil Co.-Renewable Corp. — DVM, GMA News