Philippine National Oil Co. (PNOC), Manila, has earmarked 32.7 billion pesos ($1.4 billion) to tap domestic energy sources during 1992-98.
The biggest share, 14.5 billion pesos ($625 million) or 44.4%, will go for geothermal resource projects planned to add about 995,000 kw of power.
PNOC Pres. Monico Jacob said the accent is on geothermal resource development because of "massive" power shortages experienced in the first half of this year.
PNOC is seeking a joint venture partner for a 605,000 kw geothermal steam gathering project to be built by 1997 on Leyte Island. It will supply power to Luzon Island the Cebu industrial region.
Oil and gas exploration/development will get 8.7 billion pesos ($375 million) and coal projects 613 millon pesos ($26 million).
The money is to come from 22.6 billion pesos ($974 million) in foreign loans and 10.1 billion pesos ($435 million) in the state oil company's income.
Philippines imports about two thirds of its energy requirements, mainly in the form of oil and coal.
Copyright 1992 Oil & Gas Journal. All Rights Reserved.
