APC Group plans energy dev’t project
Tuesday, January 16, 2007
By JAMES A. LOYOLA
Aragorn Power and Energy Corporation, a wholly-owned unit of the APC Group, is spending an initial P500 million for further studies needed to develop its energy resources while scouting for a foreign partner to provide much-needed capital.
APEC and APC chairman Willy Ocier said the amount will be used to review and refine old data in light of new technologies as well as collect addition information about the oil, gas and geothermal fields that they are exploring.
"When we have all these data and a better idea of how big the energy resources are, it will be easier to invite foreign investors to participate in these projects," Ocier said.
APEC signed in February 2005 Service Contract No. 48 with the Department of Energy for the exploration and development of gas and oil resources in the Cagayan Valley Region covering a total of 748,000 hectares.
APEC also has two pending applications for Geothermal Service Contracts in Batong Buhay, Kalinga Apayao and Acupan Benguet.
Ocier said they are currently negotiating with the indigenous people since getting their approval for the project is the first step in getting foreign investors to come in.
He noted that initial studies have already been conducted on the Kalinga geothermal field by foreign firms Caltex and Unocal but they had to back out of the project because of failure to get the cooperation of the local communities.
APEC is also considering putting up coal-fired power plants in Masbate to serve the needs of the many gold mining companies operating in the province.
Sister company Aragorn Coal Resources, Inc. (ACRI) has signed two Coal Operating Contracts (COC) with the DoE last January 5.
The first contract area (COC No. 145) is located in the province of Masbate containing two coal blocks while the second contract area (COC No. 146) is located in the Province of Isabela containing three coal blocks.
APC corporate secretary Edmundo Tan disclosed to the Philippine Stock Exchange that one coal block is equivalent to 1,000 hectares.
Under the terms of the contract, ACRI will furnish the necessary services, technology and financing for the exploration, development and production of coal resources.
posted by philpower @ 1:53 PM,
