PETROENERGY Resources Corp. on Wednesday said that unit Maibarara Geothermal Inc. had contracted ThermaPrime Drilling Corp. for its 2026–2027 exploratory drilling campaign.
“The country needs more geothermal power [resources] 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," Maibarara EVP and COO Maria Victoria 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," Olivar added.
ThermaPrime will provide its Drilling Rig 7 for three firm wells and one contingent well.
The program will explore geothermal resources in undrilled sectors of MGI’s geothermal service contract covering areas in Batangas and Laguna.
PetroEnergy Resources said rig mobilization was scheduled for September, with drilling to commence in October. The campaign is targeted for completion by May 2027.
Maibarara Geothermal is a subsidiary of PetroGreen Energy Corp., the renewable energy arm of PetroEnergy, and is the developer and operator of the 32-megawatt Maibarara Geothermal Power Project.
ThermaPrime Drilling is a unit of First Balfour, Inc., a member of the Lopez Group of Companies.
PetroEnergy Resources shares last closed at P3.53 apiece on July 27.
