Video | Business Headlines | Internet | Science | Scientific Ethics | Technology | Search

 


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

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Sci-Tech
Search Scoop  
 
 
Powered by Vodafone
NZ independent news