MANILA, Philippines - Energy Development Corp. (EDC), the renewable energy development arm of the Lopez Group, has been invited to bid for a geothermal drilling contract in Kenya, a top company official said yesterday.
EDC president and COO Richard Tantoco said while they still have to decide whether to accept the invitation, “there’s nothing definite yet on this.”
“There’s nothing definite yet on this. But we have been invited to a bidding in Kenya,” Tantoco said.
Industry sources earlier said EDC was also eyeing participation in a geothermal drilling contract in Chile but Tantoco refuted this, saying “there’s nothing going on in Chile.”
The company official said one of their main business focus is the expansion of their international exposure.
“One of our goals is to advance the technical side of our drilling services by expanding our international operation and eventually generate more income from this,” he said.
He said they expect local operations to bring in earnings for the company over the next four years. After that, they would need to start and explore for overseas opportunities.
Tantoco, however, admitted that “it is too early” to give specific plans for EDC’s overseas expansion.
EDC vice chairman Paul Aquino also confirmed that “going overseas” is part of the, company’s overall thrust. “It’s part of our general plan. But at present, we cannot give details yet on how we will go about our expansion in the international front.”
Earlier, EDC said it will establish its presence in Indonesia, South Asia and in the Middle East. EDC had set up a representative branch in Indonesia as part of initial moves to explore geothermal development in that country.
At present, EDC has drilling operations in Lihir Gold Ltd. in Papua New Guinea. LGL, one of the leading gold producers in the Asia Pacific region, sources most of its power requirements for its gold mine and processing facility from geothermal energy.
EDC’s contracts with LGL have been its major source of drilling revenues since 1999.