PNOC-EDC reports P7.2-B forex savings in 5 months

The Philippine National Oil Co.-Energy Development Corp. (PNOC-EDC) realized a total of $144.95 million (P7.2 billion) in foreign exchange savings during the first five months this year, PNOC-EDC chairman Sergio Apostol said.

Apostol said the huge savings came from geothermal power facilities located in Bicol, Leyte, Southern Negros and Cotabato.

According to Apostol, the amount is equivalent to 5.37 million barrels of fuel oil which otherwise would have been imported to meet the country’s energy requirements.

PNOC-EDC is one of the wholly-owned subsidiaries and the energy development arm of the state-run PNOC.

With this, he said the foreign exchange savings from PNOC-EDC geothermal production fields is projected to reach $322.67 million by year-end 2001.

He said the combined energy production from the four geothermal fields since inception in 1983 has reached the equiavalent of 63.15 million barrels worth $1.7 billion in savings.

PNOC-EDC started operating the first 112.5-megawatt (MW) unit in 1984 in Tongonan, Leyte. Since then, it expanded its operations with plants in Bicol, Southern Negros and Cotabato with an overall installed capacity of 1,148 MW or 60 percent of the total geothermal installed capacity in the country.

The PNOC-EDC executive said the company is committed to pursuing the government’s thrust to intensify the use of indigenous resources such as geothermal, to reduce the country’s dependence on imported fuels.

"I am glad that Energy Secretary Perez supports geothermal. It’s significant factor considering with the conitnuing rise in the world crude prices," he said.

Hence, he said plans and programs of the energy sector include the pushing of legislative measures that aim to further promote and sustain the exploration, development, utilization and commercialization of indigenous energy sources. – Donnabelle Gatdula