"We are back in operating our Isabela power plant last Oct. 4 after a year of being in shutdown status," Bomasang said in an interview.
The power plant, which was the first in the country to run on natural gas, serves some 10,000 households in the area with a total capacity of 3.5 megawatts (MW).
He said EC has decided to overhaul and repair its gas turbine. "This unit was a second-hand machine donated by Canadian government in 1994," he added.
The Isabela power plant was supposed to run as a peaking plant (to be operated only if power need is in its peak) but was used as a baseload (always on an operating mode). "We have reconditioned it to be able to run as a baseload plant," Bomasang said.
Being a state-owned oil and gas exploration firm, Bomasang said EC is committed to find gas prospects, even in small amount.
"Isabela has demonstrated that small gas finds can be a reliable source of power. We are indeed looking for the some small gas finds in onshore Cotabato and Central Luzon," he said.
"We are expecting more small ones (gas finds) on shore. We will let big private exploration companies take care of big exploration offshore," he said.
EC owns 10 percent of the $4.5-billion Malampaya Deep Water Gas to Power Project in offshore Northwest Palawan. EC is planning to sell 49 percent of its 10-percent stake in the Malampaya project to the public within this year.
Bomasang said that while EC decided to abandon the Victoria’s 3 drilling project in Victoria, Tarlac, after it hit a water reservoir under the well, the company is determined to explore other prospects within the service contract.
The PNOC-Energy Development Corp. (EDC), a sister company of EC, owns 85 percent of the project while the remaining 15 percent is PNOC-Exploration Corp.’s share.
Despite this "unfavorable drilling report," Bomasang said they would still "try to find the right well that will flow the gas properly." "The area is interesting. Though Victoria 3 was a failure, we already proved that the Central Luzon basin could be rich in natural gas reserves. This experience taught us to do further studies," Bomasang said.
The Victoria drilling project, which is part of the Geophysical Survey Exploration Contract No. 75, was drilled to a total depth of 9,000 feet and has been flowing gas. The total volume of gas reserves would be determined after a series of evaluation tests and further drilling activities are completed by the consortium.
Based on the original plan, the consortium aims to explore natural gas reserves of 300 billion cubic feet which can fire up 300-megawatt power plant in the area. – Donnabelle Gatdula