EDC President and COO Richard Tantoco said:
“With this new state-of-the-art rig, we will achieve significant operational efficiency by reducing our drilling days by 40 to 50%. For every day deducted from each well we drill, not only do we save US$40,000 but we also accelerate the production of steam that results in higher revenues.
The rig’s superior safety and mobility features will also enable us to accomplish our drilling targets in terms of programmed wells per year and this is crucial since we are in an expansionary mode.”
The new rig which EDC purchased for almost P1 billion has two unique features:
- the Variable Frequency Drive (VFD) which allows for a more accurate speed and torque control, and
- the Amphion Integrated Rig Control System which centralizes control of various rig equipment.
Tantoco added:
“We continue to invest in drilling equipment and manpower because they form the backbone of our geothermal business. The new rig is a valuable addition to our assets and will enable us to meet our drilling targets not only for our existing projects but also for the Mt. Labo and Mt. Mainit prospects.”
EDC recently bagged the service contracts for the Mt. Labo and Mt. Mainit geothermal prospects in Camarines Norte and Davao del Norte, respectively.
While its main revenues come from steam and electricity sales, EDC has made significant inroads in marketing its drilling services abroad. It has an existing contract with Papua New Guinea’s Lihir Gold Limited (LGL), one of the leading gold producers in the Asia Pacific region. LGL has been engaging EDC’s engineers and services since 1999 for various drilling contracts. EDC has been exporting its drilling services since 1997.
Source: EDC Press Release Feb 25, 2010.
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