Basic Energy Corp. has authorized its management to enter into a memorandum of understanding with two South Korean companies and two local firms on the conduct of a feasibility study involving the development of a landfill gas-to-power project using a closed garbage dumpsite.
In a disclosure to the Philippine Stock Exchange, Basic Energy said the MOU will be signed by the company and New Kanlaon Construction Inc., Integrated Environmentwaste Processors Corp. and South Korean firms ReTech Solution Co. Ltd. and Eco-Frontier Co.
The MOU will determine whether the San Mateo landfill in Rizal Province can be transformed into an alternative source through methane gas extraction and utilization for electricity generation.
The proposed project would entail the production of landfill gas and the installation of a power plant with revenues coming from sales of electricity and carbon credits.
Basics board also approved the sale of shares in Forum Energy Plc and the deferment of its planned follow-on offering of three billion common shares due to weak market conditions.
Basic Energy is hoping to finalize an agreement with Metro Pacific Investments Corp. (MPIC) and possibly a foreign established and reputable ethanol plant supplier to put up two bioethanol plants in Zamboanga del Norte.
The bioethanol project is in line with Basic Energy’s vision to be a leading player in the exploration, production and supply of alternative fuels and renewable energy, oil and allied products and services.
Basic Energy has also committed to conduct exploratory works and a well drilling to determine the viability of a geothermal resource for power generation. It anticipates the approval by the Department of Energy on a geothermal service contract covering the Calumpan Peninsula in Batangas.
The company is likewise reviewing offers for possible coal and mineral exploration and development.