Desco Inc. is preparing for exploratory well drilling in the Iriga geothermal project in Camarines Sur by the middle of the year, its joint venture partner said.
Basic Energy said in a disclosure to the Philippine Stock Exchange Desco would develop an access road going to the exploratory well “for possible drilling by mid of year 2025.”
Desco signed a farm-in agreement with Basic, acquiring 80-percent participating interest in and operatorship of the Iriga geothermal project in 2016.
The farm-in agreement and transfer of operatorship on the project to Desco was approved by the Department of Energy on November 8, 2016. Basic retained a 20-percent stake in the project.
The Iriga, Camarines Sur geothermal area is bounded in the north by the Isarog geothermal block of PNOC Renewables Corp.
The areal landscape is dominated by Mount Asog, a stratovolcano immediately southwest of Lake Buhi in Southern Luzon.
Basic and Desco believe the project holds great potential in light of its close proximity to the Tiwi geothermal service contract of AP Renewables Inc.
