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PetroEnergy’s income surges 180% to $6.55m

Listed PetroEnergy Resources Corp. said Thursday consolidated net income in the first six months jumped 180 percent to $6.55 million from $2.34 million in the same period last year, on strong income contribution from renewable energy projects.

PetroEnergy said in a statement the higher consolidated income translated into a 401-percent increase in net income attributable to the equity holders of the parent company .

The company’s renewable energy projects include the 20-megawatt Maibarara Geothermal Power Project in Batangas, the 36-MW Nabas Wind Power Project in Aklan and the 50-MW Tarlac Solar Power Project in Tarlac.

Total electricity exported from the three plants rose to 174,810 megawatt-hours in the first half from 152,898 mWh in same period last year.

“Our renewable energy facilities are showing good results in terms of energy yield and operational efficiencies. We are optimistic that if we are able to sustain this performance, we will be on track to achieving our full-year targets,” said PetroEnergy president Milagros Reyes.

PetroEnergy’s subsidiary, Maibarara Geothermal Inc., expects to start the commercial operations of its 12-MW Maibarara-2 expansion project before the end of the year.

The company also obtained an environmental clearance for its Puerto Princesa Solar Power Project, the first utility-scale green power project in Palawan province.

Slightly higher average crude oil prices also contributed to the profit increase, with average price reaching $50.38 per barrel in the first half this year from $35.59 per barrel a year ago.

PetroEnergy’s petroleum asset in Gabon West Africa produces 16,000 barrels of oil per day.

“We continue to develop, under our PetroGreen Energy Corp. holding unit, a pipeline of modest-sized renewable energy projects in high-demand or poorly-served areas because we believe this is the fastest way to add much needed power capacity for the country while ensuring shorter payback period for our investments,” said PetroEnergy vice president F.G. Delfin Jr.

The company supplies 8.4 percent of wind power and 7.1 percent of solar power capacities in the Philippines.

Topics: PetroEnergy Resources Corp. , net income , renewable energy
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