Announced recently that Aragorn Power and Energy Corp. (APEC) and its partner Guidance Management Corp. (GMC) will sign a geothermal service contract with the Department of Energy worth $3.7 Million.
This will give them 5 years to explore the province of Kalinga for geothermal wells to tap as energy. The province is said to have 60 MW worth of tappable geothermal energy.
APEC already has a previously approved exploration and development contract issued by the DOE for the exploration and development of gas and oil resources in the Cagayan Valley.
APEC is a subsidiary of the APC Group.
20 percent of the power used to run the country is sourced from geothermal energy amounting to about 2000MW.
[source]
Category: Geothermal
