Maibarara Geothermal Eyes New Geothermal Power Project With Batangas-Laguna Drilling
- August 5, 2026
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Yuchengco-led Maibarara Geothermal, Inc. (MGI) has awarded a drilling contract to ThermaPrime Drilling Corp. (TDC) as it moves to explore additional geothermal resources in Batangas and Laguna, a project that could pave the way for a new renewable energy facility and expand the country’s supply of reliable baseload power.
MGI, a joint venture of PetroGreen Energy Corp., ACEN Corp., and PNOC Renewables Corp., said the one-year exploratory drilling campaign will assess untapped geothermal resources within its geothermal service contract area. The program is expected to help determine the viability of developing another geothermal power project in the area.
Exploration Campaign
Under the contract, TDC will deploy Drilling Rig 7 to drill three firm wells and one contingent well, with planned depths ranging from 2,100 to 3,000 meters. The drilling program will be carried out in accordance with international safety and operational standards.
Rig mobilization is scheduled to begin in September, while drilling operations are expected to start in October. The exploration campaign is targeted for completion by May next year.
The contract marks another step in MGI’s efforts to expand its geothermal portfolio as demand grows for renewable energy sources capable of providing continuous electricity generation regardless of weather conditions.
Key Baseload Source
MGI Executive Vice President and Chief Operating Officer Maria Victoria M. Olivar said geothermal energy remains an important component of the country’s transition to cleaner power because of its ability to provide stable baseload generation.
“The country needs more geothermal power for its baseload generation, weather-indifferent availability, and its clean and renewable nature,” Olivar said.
She noted, however, that geothermal development remains challenging due to the significant upfront investment required, lengthy project development timelines, and technical uncertainties associated with exploration.
Olivar said the company selected ThermaPrime because of its experience, skilled workforce, and well-maintained drilling equipment, particularly as exploration drilling represents one of the most technically demanding phases of geothermal development.
Experienced Drilling Contractor
ThermaPrime, a wholly owned subsidiary of First Balfour Inc. of the Lopez Group, specializes in geothermal well drilling services and has been operating since 2010.
The company said it has drilled wells reaching depths of up to 3,600 meters and has completed more than 1,000 geothermal drilling and workover operations, giving it extensive experience in geothermal field development.
TDC President and Chief Operating Officer Antonio Mabasa welcomed the partnership, saying the project aligns with both companies’ commitment to expanding renewable energy capacity.
“We are deeply grateful to MGI for this opportunity to fulfill their well-drilling requirements and look forward to working with their team,” Mabasa said.
He added that the project is important not only for supporting MGI’s expansion plans but also for advancing their shared goal of “forging collaborative pathways for a decarbonized and regenerative future.”
Renewable Energy Expansion
MGI currently operates the 32-megawatt Maibarara Geothermal Power Project. The company’s ownership is composed of PetroGreen Energy Corp., which holds a 65-percent stake, ACEN Corp. with 25 percent, and PNOC Renewables Corp. with the remaining 10 percent.
The latest exploration campaign comes as the Philippines continues to pursue greater renewable energy development while strengthening energy security through indigenous resources such as geothermal power.
Although MGI has yet to disclose financing arrangements for the exploration program, efforts are underway to reduce the financial risks associated with geothermal development. The Department of Energy, the Asian Development Bank, and the Land Bank of the Philippines have designed a geothermal derisking facility intended to absorb or share the substantial upfront costs of geothermal exploration, a move aimed at encouraging more investments in the sector.
Successful exploration could unlock additional geothermal resources within MGI’s concession area, potentially leading to the development of another geothermal generation facility that would contribute more clean and dependable electricity to the country’s power grid.
Source:
https://mb.com.ph/2026/07/29/mgi-starts-batangas-laguna-geothermal-exploration
https://tribune.net.ph/2026/07/29/yuchengco-unit-taps-thermaprime-for-geothermal-push
