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Agreement for Geothermal Work in the Philippines

MEDIA RELEASE FROM GNS Science, 23 OCTOBER 2012 GNS SCIENCE SIGNS AGREEMENT FOR GEOTHERMAL WORK IN THE PHILIPPINES

GNS Science and Philippine geothermal company Energy Development Corporation (EDC) today signed an agreement that will see GNS Science undertaking consultancy work to improve EDC's geothermal energy operations in the Philippines.

Under the agreement signed in Auckland today, GNS Science will conduct resource viability reviews of EDC’s steamfields for a six-month period.

Geothermal energy development is one of a number of areas of improved cooperation including defence, tourism, and trade which were discussed during the two-day state visit of President Aquino to New Zealand.

In an initial study, GNS Science will determine the resource viability of two major geothermal fields in the Philippines, as well as reviewing the reservoir strategies and drilling performance of EDC.

EDC chief operating officer Richard Tantoco said GNS Science would work with local specialists to help improve geothermal operations at several fields.

" This will greatly help us in the reservoir management for our existing operating fields and identify and eliminate costs, complexity and risks,” he said.

An earlier evaluation by GNS Science enabled the company to save $3 million in operating costs. “GNS Science’s drilling strategy review will help us target our wells for greater productivity and savings.

"Over the next four years we plan to drill 75 new geothermal wells. If production improves by at least 1MW per well, compared to the average of the last three years, the value it will deliver will be an added $75 million-a-year in revenues.”

GNS Science has undertaken geothermal energy consultacy work in the Philippines for more than a decade. It provides a full range of scientific services from field evaluation for prospective developments to operational improvements for existing fields.

GNS Science business development manager, Rob Johnston, said the new contract was likely to be a forerunner to further work in the Philippines.

Since the 1970s, the collaboration between New Zealand and Philippine specialists has resulted in the discovery and development of several major fields which have helped make the Philippines the world's number two geothermal energy producer. EDC is one of the largest geothermal companies in the world with 1130MW of installed geothermal capacity.

ENDS

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