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Petroenergy Resources Corporation
#31
...wow after 4 years binuhay si PERCulator Thread Big Grin

...kaya pala sumipa ito nung Monday lang ng +34%

Thai firm buys stake in PetroEnergy wind project

PETROENERGY Resources Corp. disclosed on Wednesday the acquisition by a Thai company of the 40% stake held by a Singaporean private equity firm in the listed power developer’s wind energy project in Nabas, Aklan.
PetroEnergy told the local bourse that the acquisition by BCPG Public Co. Ltd. of the stake owned by CapAsia Asean Wind Holdings Cooperatief UA was formally signed on May 16.

The unit, PetroWind Energy, Inc., has a 36-megawatt wind power project on the Western Visayas island called Nabas-1 Wind Power Project under a joint venture with Singapore-based CapAsia (40%), EEI Power Corp. (20%) and PetroGreen Energy Corp. (40%). PetroGreen is a 90%-owned subsidiary of PetroEnergy.

“We welcome BCPG into our network of esteemed partners, as our new shareholder in [PetroWind],” said Milagros V. Reyes, president of PetroEnergy and PetroWind. “We believe that their track record and management expertise will bring greater value to our business,” she added.

BCPG, along with existing the PetroWind shareholders, signed a new shareholders’ agreement governing the company, PetroEnergy said.

Charnvit Trangadisaikul, BCPG senior vice-president, said: “This investment marks our first presence in the Philippines. We are very confident that the partnership between BCPG and PetroGreen would open up a lot of growth opportunities for all partners, both here and in the region.”

He said BCPG was looking forward to expand its investment in renewable energy in the Philippines “and promote sustainability for the country.”

BCPG’s parent company is Thailand-based Bangchak Corp., which is engaged in oil refinery operation and marketing the finished products through its service stations. The company operates three business segments, namely: refinery, marketing and renewable energy in Thailand and globally.

Craig Martin, CapAsia co-chief executive officer, said its participation in the Nabas-1 wind power project had been a successful investment for the firm’s fund.

The P4.5-billion wind facility is made up of 18 wind turbine generators supplied by Gamesa Corporación Tecnológica. The turbines were erected at elevations of 300-500 meters in the foothills of northern Aklan. They straddle the municipalities of Nabas and Malay.


source: http://www.bworldonline.com/content.php?...&id=145391
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#32
...sumipa na pala ulit ito? Smile

PetroEnergy RE arm reaches power-generation milestone

PETROGREEN Energy Corp. (PGEC), the renewable-energy (RE) arm of publicly listed PetroEnergy Resources Corp. (Perc), has already generated 1-billion kilowatt-hour (kWh) of electricity over the weekend.

Perc announced on Monday that PGEC reached the 1-billion generation mark on December 2, earlier than expected.

“The early achievement of this generation milestone, despite the relatively short period of the plants’ commercial operation and their modest capacities, owe to the efficient operation by our teams and the good availability of the units to the grid,” PERC President Milagros V. Reyes said.

“We are delighted by this milestone not only for our shareholders and Pgec partners but also for their contribution in reducing wholesale electricity spot market [Wesm] prices, as their must-dispatch character displaces more expensive fossil-fired plants in the Wesm dispatch order,” Reyes added.

PGEC’s power production comes from three RE plants: the 20-megawatt (MW) Maibarara-1 geothermal plant in Santo Tomas, Batangas; the 36-MW Nabas-1 wind project in Aklan; and the 50-MW DC Tarlac-1 solar facility in Tarlac City.

Beginning from their respective commercial operation date—February 8, 2014, for the Maibarara geothermal, June 10, 2015, for the Nabas wind and February 10, 2016, for Tarlac-1—these three facilities contributed 62.52 percent, 23.78 percent, and 13.70 percent, respectively, to the aggregate 1-billion-kWh output reached on December 2.

In Maibarara PGEC (65 percent) is in partnership with Phinma Energy (25 percent) and PNOC Renewables Corp. (10 percent), through the joint-venture firm Maibarara Geothermal Inc. (MGI). In Nabas it holds 40-percent equity in operator PetroWind Energy Inc. (PWEI) with EEI Power (20 percent) and Thailand-based BCPG (40 percent). PetroSolar Corp. (PSC), owner and operator of Tarlac-1 solar, is jointly owned by PGEC (56 percent) and EEI Power (44 percent).

PGEC currently supplies 8.4 percent of wind power and 5.94 percent of solar capacities in the country. MGI’s expected commissioning of the 12-MW Maibarara-2 unit this December will bring the field’s total gross capacity to 32 MW.  PGEC plans to develop an additional 400 MW of renewable-energy capacity in the next five years.

PERC Assistant Vice President Maria Victoria Olivar said that the company’s oil operations also achieved a  milestone.

“Total oil production in the Etame Marin block in offshore Gabon, West Africa, reached 100 million barrels on June 10, 2017, from the start of commercial oil extraction in 2002. Crude-oil production from 12 wells continues unabated in the block’s four oil fields—Etame, Avouma, Ebouri and North Tchibala.”

At end-September this year, Perc posted a 103-percent increase in its total consolidated income amounting to $7.71 million, compared to $3.81 million during the same period in 2016. The net income attributed to PetroEnergy equity holders increased by 227 percent, from $1.28 million in 2016 to $4.18 million in 2017.

The increases in net income and income attributed to equity holders of PERC were mainly driven by the efficient operation of PERC’s three RE projects.

The efficient operations resulted to an increase in the net income of the operating companies: 58 percent for MGI, 25 percent for PSC and 8 percent for PWEI compared to the similar period in 2016.

Slightly higher average crude-oil prices also contributed to the profit increase, with average price reaching $50.35 per barrel for the third quarter compared to $38.08 in the same period last year.


source: https://businessmirror.com.ph/petroenerg...milestone/
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#33
...this has potential for profits in the medium term

PetroEnergy’s geothermal project cleared for WESM

PETROENERGY Resources Corp. on Friday said its geothermal power unit had secured approval to participate in the wholesale electricity spot market (WESM), paving the way for its commercial operation.

Philippine Electricity Market Corp. (PEMC), which operates the spot market, gave its nod on Dec. 7, 2017 for Maibarara Geothermal Inc. (MGI), which sought the registration of its 12-megawatt (MW) expansion of its geothermal facility in Sto. Tomas, Batangas.

PEMC earlier included Maibarara-2 in its market network model, allowing the facility’s dispatch to be accurately monitored in the spot market.

“The completion of these two critical WESM and grid connection requirements is a significant milestone for MGI as these are technical prerequisites for eventual commercial operations.” MGI President F. G. Delfin, Jr. told the stock exchange.

MGI is a joint venture of PetroGreen Energy Corp. with a 65% stake, Phinma Energy Corp. with 25%, and PNOC Renewables Corp. with 10%. PGEC is the renewable energy holding company of publicly listed PetroEnergy.

Dave P. Gadiano, PetroGreen head of energy trading, said the WESM registration of Maibarara-2 clears the way for the facility to export power to the grid during the commissioning stage.

“The testing and commissioning of Maibarara-2 is estimated to start by middle of December. Export of power to the grid is expected soon after commissioning starts,” he said in a statement.

PetroGreen’s power output comes from three renewable energy plants — the 20-MW Maibarara-1 geothermal plant in Sto Tomas, the 36-MW Nabas-1 wind project in Aklan, and the 50-MWDC Tarlac-1 solar facility in Tarlac City.

MGI’s expected commissioning of the Maibarara-2 unit will bring the field’s total gross capacity to 32 MW. Maibarara-1 started commercial operation on Feb. 8, 2014.

The recent PEMC approvals came after MGI successfully installed and tested, with power grid operator National Grid Corp. of the Philippines (NGCP) the remote terminal unit and SCADA (supervisory control and data acquisition) system of Maibarara-2 on Nov. 15.

On Nov. 18, MGI completed with Japan’s Fuji Electric Co., Ltd., the target plate testing of Maibarara-2’s steam, a pre-commissioning activity in which the quality of the steam that will pass through the turbine blades is assessed.

Pedro G. Callos, MGI steamfield manager, said test had shown that the supply steam for Maibarara-2 complies with Fuji Electric’s standards.


source: http://bworldonline.com/petroenergys-geo...ared-wesm/
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#34
...Yuchengco pala 'tong stock na 'to?

PetroEnergy Resources sets final offer price

PETROENERGY Resources Corp. has set the price of its stock rights offering at P4.8 per share, a discount over its average price in a 10-day trading period, the company said on Monday.

The Yuchengco-led company said the proceeds of the rights offering will fund renewable energy projects as well as general corporate purposes.

PetroEnergy is offering stockholders one rights share for every 2.6 common shares held as of record date of Jan. 12, 2018. It is offering 157,975,512 shares, which could fetch about P758 million given the final offer price. 

The start of the rights offer period is on Jan. 22 and will end on Jan. 26, 2018.

At P4.80 per share, the final offer price was set at a 20% discount over the P6 per share volume weighted average of PetroEnergy for the 10-day trading day period from Dec. 19, 2017 up to Jan. 5, 2018, the company said.


source: http://bworldonline.com/petroenergy-reso...fer-price/
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#35
3-14

Maibarara Geothermal brings online 12-MW plant in Batangas

March 14 (Renewables Now) - Philippines' Maibarara Geothermal Inc has connected to the grid a 12-MW geothermal plant in Batangas province and now prepares to launch commercial operations.

The Maibarara geothermal 2 (M2) facility is the second stage of a project in Santo Tomas, Philippine-based PetroEnergy Resources Corp (PSETongueERC) said in a bourse statement on Monday. Its owner, Maibarara Geothermal, is a joint venture between PetroEnergy’s unit PetroGreen Energy Corp and power generator Phinma Energy Corp (PSETongueHEN).

The M2 plant will now be subject to a series of capability and reliability tests and will undergo a technical inspection needed for the issuance of a certificate of compliance (COC). Maibarara Geothermal will launch commercial operations at the plant after it secures the COC.

Construction of the 10-MW facility, using equipment by Japan’s Fuji Electric (TYO:6504), was initiated in March 2016. The 20-MW Maibarara-1 unit has been operational since 2014.


source: https://renewablesnow.com/news/maibarara...as-604972/
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#36
4-18

PetroEnery reports 44% surge in ’17 net income

PetroEnergy Resources Corp. (PERC) yesterday reported a 44-percent surge in its consolidated net income to $8.46 million in 2017 from $5.86 million in the previous year.

PERC attributed this to the higher electricity sales revenue posted by its renewable energy investments.

The group’s revenue from its petroleum operations also jumped by 22 percent in 2017 due to slightly higher oil prices.

“Our 2017 financial performance shows PERC’s growth-driven direction, credited mainly to the efficiency and reliability of our RE (renewable energy) power plant operations,” company president Milagros V. Reyes said in a statement.

Last year, the company’s net income attributed to equity holders reached $.379 million, more than double or 114 percent compared to $ 1.77 in 2016.

PERC’s was originally engaged petroleum exploration and production, having partnered in 1995 with American firm Vaalco Inc. to secure the Etame Offshore oil block in Gabon, West Africa.

Commercial crude started flowing in 2002 after oil was discovered in Etame in 1998.

It diversified into renewable energy development and operation from 2009 to 2010. It’s portfolio now includes interest in the 20-megawatt Maibarara geothermal power project in Batangas, 36-MW Nabas wind power project in Aklan, and a 50-MW Tarlac solar power project.


source: http://business.inquirer.net/249371/petr...net-income
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#37
4-18

MGI gets COC for Batangas power station

MAIBARARA Geothermal Inc. (MGI) has secured a Certificate of Compliance (COC) for its 12-megawatts Maibarara-2 power station in Santo Tomas, Batangas.

MGI is a joint venture of PetroGreen Energy Corp. (PGEC, 65 percent), Phinma Energy Corp. (25 percent) and state-owned PNOC Renewables Corp. (10 percent).

PGEC is the renewable-energy holding unit of publicly listed PetroEnergy Resources Corp.

This is MGI’s second geothermal facility approved by the Energy Regulatory Commission (ERC) last April 16.

“The ERC’s approval of Maibarara-2’s COC proves that MGI has fully complied with the technical, operational and financial requirements for the plant’s commercial operations. Our team and partners are proud of this milestone as Maibarara-2, however modest in size, is the first geothermal-power facility to be put up under the Duterte administration and the only geothermal power plant installed in the country since 2014,” MGI President Francisco Delfin Jr. said. Maibarara-2 construction was essentially completed last year along with the Wholesale Electricity Spot Market registration and grid communication protocol requirements set by the National Grid Corp. of the Philippines.

Individual plant-equipment testing started in early-2018, culminating in the synchronization and first delivery of power to the Luzon grid on March 9.

Early this month, the ERC conducted a thorough inspection of Maibarara-2, leading to the eventual COC approval, PGEC Energy Trading Head Dave P. Gadiano said.


source: https://businessmirror.com.ph/mgi-gets-c...r-station/
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