News

PHINMA Petroleum may complete geothermal deal this year

June 2017

MANILA, Philippines – Newly renamed PHINMA Petroleum and Geothermal Inc. (PPGI) is hopeful of closing a geothermal project deal within the year.

The company has been looking at geothermal projects as it shifts its focus from the capital intensive petroleum exploration-production business, PPGI executive vice president and chief operating officer  Raymundo Reyes Jr. said in a text message.

However, he said no further details could be made available to the public. But the company is hopeful it can close a deal within the year, Reyes said.

In April, the company changed its name from Trans-Asia Petroleum Corp., signalling its entry into the geothermal exploration and production sector.

The geothermal sector has lower risk, lower cost and has 20 to 30 percent success chance compared with the oil sector.

One project being looked at is located in North Luzon and is under discussions for a farm-in agreement, PPGI president and chief executive officer Francisco Viray said earlier.

Overseas ventures would be looked at by next year, Reyes said.

The company and its partners maintained their service contracts (SC) and at the same time conserved financial resources.

However, it encountered challenges such as regulatory delays, permitting issues and force majeure situations that hampered timely implementation of some of its work programs.

Currently, it has six oil and gas prospects, namely SC Block A offshore Northwest Palawan (7.78 percent), SC 6 Block B offshore Northwest Palawan (14.063 percent), SC 51 in East Visayas (6.67 percent), SC 55 in West Palawan (6.82 percent), SC 69 in Central Visayas (50 percent), SC 50 in North Palawan (10 percent).

See more at: http://www.philstar.com/business/2017/06/26/1713536/phinma-petroleum-may-complete-geothermal-deal-year

 

PHINMA Energy to withdraw lawsuit vs Psalm after Ippa deal terminated

January 2018

THE Power Sector Assets and Liabilities Management (PSALM) Corp. and PHINMA Energy Corp. have agreed to terminate the Independent Power Producer Administrators (Ippa) agreement for the 40-megawatt (MW) strip of energy Read More

 

PHINMA ends IPPA contract with PSALM

Listed firm PHINMA Energy Corporation has decided to “mutually terminate” its contract with state-run Power Sector Assets and Liabilities Management Corporation (PSALM) relating to its deal as Independent Power Producer Read More

 

PHINMA, PSALM end row over Leyte plant

PHINMA Energy Corp. said yesterday it had agreed with state-firm Power Sector Assets and Liabilities Management Corp. (Psalm) to mutually end their administration agreement related to the Unified Leyte Geothermal Read More