Yuchengco-led firm ramps up geothermal exploration

MANILA, Philippines — Yuchengco-led Maibarara Geothermal Inc. (MGI) is slated to accelerate its exploration activities for potential geothermal resources across the provinces of Batangas and Laguna, as it tapped Lopez group’s ThermaPrime Drilling Corp. (TDC). The contract with TDC covers its 2026 to 2027 exploratory drilling campaign, with MGI hoping this could pave the way for a new geothermal generation facility. “The country needs more geothermal power for its baseload generation, weather-indifferent availability, and its clean and renewable nature. But building new geothermal plants requires large upfront costs, long lead times, and various technical risks,” said Maria Victoria Olivar, executive vice president and chief operating officer (COO) of MGI. “We are, thus, pleased to tap ThermaPrime with its highly-skilled and experienced workforce and well-maintained rig and equipment in our drilling campaign where some of the initial and most complicated risks in geothermal energy development are often encountered,” she said in a statement. TDC will drill wells at planned depths of 2,100 to 3,000 meters in accordance with international safety and operational standards. The rig operator is eyeing to begin in September. It seeks to complete the project by May 2027. “We are delighted to be part of this important project not only because it is crucial to MGI’s expansion goals but our collaborative efforts are consistent with our own Group’s core purpose, that is—forging collaborative pathways for a decarbonized and regenerative future,” TDC president and COO said Antonio Mabasa, president and COO of TDC. Active since 2010, TDC has been engaged in geothermal well drilling services. The firm has drilled as deep as 3,600 meters for geothermal energy. It is a wholly owned subsidiary of First Balfour Inc., a member of the Lopez Group of Companies. INQ