29/07/2026
Yuchengco-led Maibarara Geothermal Inc. (MGI) is looking to unlock more geothermal resources along the boundary of Batangas and Laguna provinces after awarding an exploratory drilling contract to ThermaPrime Drilling Corp. (TDC).
In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, July 29, MGI, a joint venture (JV) of PetroGreen Energy Corp., ACEN Corp., and Philippine National Oil Co. (PNOC)-Renewables Corp., said it awarded Lopez-led TDC a one-year exploratory drilling campaign.
Under the contract, TDC will deploy Drilling Rig 7 to drill three firm wells and one contingent well, each with depths ranging from 2,100 to 3,000 meters. Rig mobilization is scheduled to begin in September, while drilling operations are set to start in October, in compliance with international safety and operational standards.
The exploratory project in the two provinces is expected to be completed by May next year.
Maria Victoria Olivar, MGI executive vice president (EVP) and chief operating officer (COO), said the company selected TDC based on its expertise and experience in geothermal drilling rigs and equipment.
“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,” she emphasized.
“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,” said Antonio Mabasa, TDC president and COO.
Although detailed financing plans have yet to be disclosed, it is worth noting that the Department of Energy (DOE), the Manila-based Asian Development Bank (ADB), and state-run Land Bank of the Philippines (Landbank) have designed a geothermal derisking facility that would either absorb or share the substantial upfront costs of geothermal exploration.
