Philippines Taps Geothermal Power: Major Conglomerates Launch New Exploration

MANILA, Philippines — Maibarara Geothermal Inc. (MGI), backed by the Yuchengco Group and the Zobel family, has contracted Lopez-led ThermaPrime Drilling Corp. (TDC) to explore untapped geothermal resources across Batangas and Laguna. MGI, backed by the Yuchengco Group and the Zobel family, awarded TDC the contract for an exploratory drilling campaign aimed at testing undrilled sections of the Maibarara project. Under the contract, TDC will deploy a drilling rig to explore three firm and one contingent wells with planned depths of 2,100 to 3,000 meters, adhering to global safety and operational standards. Rig mobilization is scheduled in September, with drilling expected to begin in October. The exploratory campaign is targeted for completion by May 2027, with the results set to help determine the area’s potential for geothermal power plant development. MGI executive vice president and COO Maria Victoria Olivar said the Philippines needs more geothermal power to meet growing demand and support the government’s bold energy transition push. “But building new geothermal plants requires large upfront costs, long lead times and various technical risks,” Olivar said. “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. TDC is a wholly owned subsidiary of First Balfour Inc., a member of the Lopez Group. The Lopez Group, through Energy Development Corp., currently operates the country’s largest geothermal portfolio. “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,” TDC president and COO Antonio Mabasa said. At present, MGI’s portfolio includes the 20-megawatt Maibarara-1 and the 12-MW Maibarara Geothermal Power Project in Santo Tomas, Batangas. The Yuchengco Group owns 65 percent of MGI through PetroGreen Energy Corp. Zobel-led ACEN Corp. holds a 25-percent stake, while state-run PNOC Renewable Corp. owns the remaining 10 percent.