Energy Development Corp. of the Lopez Group is still keen on developing overseas geothermal prospects with a potential of around 1,000 megawatts pending the rebound of world oil prices.
“EDC remains committed to grow its geothermal business overseas,” EDC president Richard Tantoco said, but low oil prices prompted it to temporarily put the project on hold.
The company said geothermal potential in Chile and Peru is estimated at 800 MW at the least.
EDC also completed the geotechnical survey of the Graho Nyabu in Indonesia, where there was an assessed potential of over 200 MW.
“In Chile, the recent downtrend in commodity prices has caused the company to re-evaluate the project’s economics and work plan,” Tantoco said.
“The implementation of the three-well drilling program for the Mariposa Project was deferred in order to continue the pursuance of greater focus, including conducting further environmental and technical studies of the steam field, power plant and transmission line interconnection,” Tantoco said.