Otto Energy Ltd, and Australian oil exploration firm announced that they had started oil exploration in Service Contract (SC) 69 that they won from the Department of Energy last May 2008. SC69 is located in the Central Visayas inbetween Cebu, Bohol and Leyte and covers and area of 7,040 sq. kilometers.
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Smith Bell Mini-Hydro Corp (SBMHC) announced that they will build a P180 M mini hydro power plant in Solano, Nueva Vizcaya. This plant will have two turbines that each can generate 900Kw of electricity. The electricity will then be sold to the Nueva Vizcaya Electric Cooperative Inc. (NUVELCO). Operation is expected by December.
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The Vestas Services Philippines Inc. is scheduled to be inaugurated this evening and will eventually hire 200 local employees by 2011 with an initial start this year of 100 hirees. They currently have 25 employees already in their stable.
The site will support Vestas global operations providing backend support for the operation of 11,500 turbines worldwide. Their tasks include surveillance, service desk and programming. Vestas already has similar facilities in Denmark, Singapore and the US.
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Manuel V. Pangilinan, a director of MERALCO and most importantly heads Metro Pacific Investments Corp. (MPIC) and telecoms giant PLDT said that he had encouraged MERALCO to look into clean energy power generation so as to improve its bottom line along with providing a full spectrum of energy to consumers.
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Barely into the summer season and a few weeks from announcing the hottest day in the Metro. A new record high for 2010 was set for the hottest day in the capital as Metro Manila registered a 35.5 C temperature reading in the mercury.
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Forum Energy, who owns the service contract (SC 72) of the disputed Oil Rich Reed Bank has allotted $3M for exploring the oil resource in the said area. Forum Energy has 70% ownership of SC 72, while Philex Mining in 2008 acquired 65% ownership of Forum Energy.
Exploration stage is projected to last seven years that will be broken down into 4 phases.
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