PetroEnergy gets BOI perks for geothermal power project

MANILA, Philippines –  PetroEnergy Resourcs Corp. (PERC) has received the package of tax incentives from the Board of Investments as a new renewable energy developer, the company said in a statement.

In particular, the company said it was given perks for its proposed 20-megawatt Maibarara geothermal power project under Republic Act 9513 or the Renewable Energy Act of 2008.

The Maibaba power plant is an integral steamfield and power plant development to be undertaken by Maibaba Geothermal Inc., a joint venture 65 percent owned by PERC’s wholly-owned subsidiary, PetroGreen Energy Corp., and 25 percent and 10 percent owned by Trans-Asia Oil and Energy Development Corp. and PNOC-Renewable Energy Development Corp., respectively.

Earlier, the publicly-listed firm said it would pursue the geothermal power project after securing an environmental compliance certificate from the Department of Environment and Natural Resources (DENR).

The company said it would develop Maibarara, located in Calamba, Laguna and Sto. Tomas, Batangas, and intends to commission the first 20 MW integrated steamfield and power plant by late 2013.

PetroEnergy and its environmental consultant, SMEC Inc., conducted the baseline environmental studies alongside initial consultation with local government units immediately after the DOE award of the Maibarara service contract last Feb. 1.

The environmental examination report was submitted on May 16 and after a series of consultations with the DENR review team, the report was finalized and accepted by DENR-4A last July 8.

The ECC granted by DENR-4A covers the four major phases of the project: well workover and drilling, installation of the fluid collection and reinjection system, power plant construction, and the erection of transmission facilities.

The ECC requires PetroEnergy to, among other conditions, form a multi-partite monitoring program, establish an environmental guaranty fund, and undertake mitigating measures whenever necessary in each phase of the project.