Connect with us

Hi, what are you looking for?

News

PetroEnergy to develop offshore wind farms with foreign partner

PETROENERGY Resources Corp. is planning to develop the three offshore wind power projects in its pipeline with a foreign partner, the Yuchengcos’ energy arm said in a regulatory filing on Tuesday.

“These projects will be developed by PGEC (PetroGreen Energy Corp.) alongside a foreign partner,” the listed company said in its information statement submitted to the Philippine Stock Exchange.

PetroEnergy did not disclose the identity of the foreign partner nor the status of its partnership, but it said one of the proposed projects had secured the endorsement of the Department of Energy (DoE) on securing government permits.

The company, through its unit PetroGreen, is developing the offshore wind power projects off the coast of Occidental Mindoro, Iloilo, and Ilocos Norte.

In 2021, PetroGreen secured three wind energy service contracts from the DoE covering three offshore wind blocks.

On Dec. 28, 2021, the Energy department issued to PetroGreen the agency’s formal endorsement for the National Grid Corp. of the Philippines (NGCP) to go hold system impact studies for the three blocks.

“The early issuance will help both DoE and NGCP to plan their grid improvements to accommodate large-scale capacities from these offshore wind projects,” PetroEnergy said.

It said PetroGreen had also secured the DoE’s endorsement to local government units and national government agencies for the northern Luzon project in January 2022.

Onshore, PetroGreen is currently gathering wind data for two years to assess the long-term wind resource to support a potential wind-hybrid power project in San Vicente, Palawan.

The data gathering is the latest development in its Palawan project, which was awarded a wind energy service contract by the DoE in November 2019.

The proposed project is around 130 kilometers north of Puerto Princesa. Activities for the meteorological mast installation program for the San Vicente wind-hybrid power project had been put on hold due to pandemic-related travel restrictions.

In December 2020, PetroGreen’s contractor was mobilized to San Vicente to carry out the installation works for the 60-meter meteorological mast to be used for the wind measurement campaign. The mast was commissioned and turned over to the company in July 2021.

Incorporated in 2010, PetroGreen is 90% owned by PetroEnergy and acts as its renewable energy arm and holding company. It ventured into renewable energy development and power generation through its subsidiaries and affiliate, namely: Maibarara Geothermal, Inc. (65%-owned), PetroSolar Corp. (56%-owned), and PetroWind Energy, Inc. (40%-owned).

PetroEnergy is also into upstream oil exploration and development, including operations in Gabon, West Africa.

On Tuesday, shares in the company slipped by 1.02% or five centavos to close at P4.85 apiece on the stock exchange. — Victor V. Saulon

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...

News

Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...

News

Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...

News

REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...

News

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.