Philippine driller acquires new rigs to support affiliate’s geothermal growth

First Balfour has acquired three more rigs, similar to this 1,500-horsepower platform, to support the geothermal expansion program of affiliate Energy Development Corporation and to help the country attain energy security. (source: ThermaPrime)

ThermaPrime Drilling Corporation (ThermaPrime), the Philippines’ leading geothermal well drilling company, is expanding operations by acquiring three more rigs to support the geothermal expansion program of its affiliate and help the country attain energy security.

Two of the three drilling rigs have a capacity of 1,500 horsepower (hp), while the third has a 1,000-hp capacity. ThermaPrime purchased the rigs recently from the United States and United Arab Emirates.

ThermaPrime said the acquisition of three additional drilling rigs augments its two current 2,000-hp rigs and supports the development of additional geothermal wells of affiliate Energy Development Corporation (EDC), the country’s biggest vertically integrated geothermal company.

EDC is currently undertaking a P30-billion program to drill until 2026 another 40 geothermal wells in its geothermal sites in Albay, Sorsogon, Leyte, Negros, and Davao for its parent firm First Gen Corporation (First Gen). The drilling forms part of the overall program of First Gen as a group to expand its renewable energy (RE) capacity by over 7,000 megawatts by year 2030.

ThermaPrime, which specializes in drilling geothermal wells and related services, has been a key enabler of geothermal power in the country completing over 200 projects since the company was founded in 2011.

On the other hand, First Gen is the Philippines’ leading RE producer, with 26 hydro, wind, solar, and geothermal power facilities with  over 1,650 MW of total RE capacity. In 2023 alone, First Gen’s portfolio of RE plants generated 8,000 GWh of electricity, primarily from its geothermal units.

ThermaPrime and First Gen are subsidiaries of Lopez-led First Philippine Holdings Corporation (FPH), one of the country’s biggest and oldest conglomerates with strong advocacies to protect the environment and help fight adverse climate change through programs that include the reduction of carbon emissions.

Source: Email correspondence