APEC, GMC and Chevron signed a Farm-out Agreement

img 9580Aragorn Power and Energy Corp. (APEC), a majority-owned subsidiary of APC Group, Inc. and Guidance Management Corp. (GMC), signed a Farm-out Agreement with Chevron Kalinga Ltd. represented by (seated from left to right) Chevron President Antonio F. Yee, APEC Chairman Willy N. Ocier and GMC Chairman Joaquin C. Rodriguez.

Under the agreement, Chevron will be responsible for the exploration, development and operation of the steam field and power plants activities. The project involves the development of steam fields that can generate around 100 megawatts (MW) in new capacity, providing an additional source of clean, indigenous and reliable baseload power to the Luzon grid. A 100 MW geothermal project will approximately cost around US$300 million. Being a Renewable Energy Service Contract, this will be the first major international investment of the country under the Renewable Energy Act of 2008.

Login Form

Copyright © 2017 APC Group, Inc.

Please publish modules in offcanvas position.