Yuchengco unit taps ThermaPrime for geothermal push

Yuchengco-led Maibarara Geothermal Inc. (MGI) has tapped ThermaPrime Drilling Corp. (TDC) for a new exploratory drilling campaign to develop another geothermal power project that could add more renewable baseload capacity to the country's power supply.

The company said Wednesday that the 2026–2027 exploration program will assess untapped geothermal resources within MGI's geothermal service contract, which spans Batangas and Laguna, for a potential new geothermal generation facility.

"The country needs more geothermal power for its baseload generation, weather-indifferent availability, and its clean and renewable nature. But building new geothermal plants requires large upfront costs, long lead times, and various technical risks,” MGI Executive Vice President and Chief Operating Officer Maria Victoria M. Olivar said.

“We are thus pleased to tap ThermaPrime with its highly-skilled and experienced workforce and well-maintained rig and equipment in our drilling campaign where some of the initial and most complicated risks in geothermal energy development are often encountered,” he added.

Under the contract, ThermaPrime will deploy Drilling Rig 7 to drill three firm wells and one contingent well, with planned depths of 2,100 to 3,000 meters in accordance with international safety and operational standards.

Rig mobilization is scheduled for September 2026, with drilling set to begin in October. The exploration campaign is expected to be completed by May 2027.

ThermaPrime President and Chief Operating Officer Anthony M. Mabasa said the project supports both companies' expansion and decarbonization goals.

"We are deeply grateful to MGI for this opportunity to fulfill their well-drilling requirements and look forward to working with their team. We are delighted to be part of this important project not only because it is crucial to MGI's expansion goals, but our collaborative efforts are consistent with our own Group's core purpose, that is – forging collaborative pathways for a decarbonized and regenerative future."

MGI is a joint venture of PetroGreen Energy Corp., which owns a 65 percent stake, ACEN Corp. with 25 percent, and PNOC-Renewables Corp. with the remaining 10 percent.

The company operates the 32-megawatt Maibarara Geothermal Power Project, while ThermaPrime is a wholly owned subsidiary of First Balfour Inc., part of the Lopez Group.