Rig 14 is the most modern drilling rig in the country with unique features such as the variable frequency drive and Amphion integrated rig control system.
Geothermal leader Energy Development Corporation (EDC) expects to save US$40,000 a day from its new drilling rig, the most modern in the country. The savings will be realized from the reduced number of days it takes to drill a well, as a result of the increased rate of penetration measured in meters per day.
“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,” EDC President and COO Richard Tantoco explained.
The new rig which EDC purchased for almost P1 billion has two unique features: the Variable Frequency Drive (VFD) and Amphion Integrated Rig Control System. The former allows for a more accurate speed and torque control while the latter centralizes control of various rig equipment. In addition, its mud system has a 1,800 barrels capacity which can increase rate of penetration. The new rig also has superior safety and mobility features.
“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,” Tantoco said. 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. The largest onshore drilling contractor in the Philippines, EDC has been exporting its drilling services since 1997 starting with Indonesia.
The Energy Development Corporation (EDC) is a pioneer in generating 100% clean, renewable, and reliable power as an electricity supplier in the Philippines for over 40 years. With power plants all over Visayas and Mindanao, the company is one of the biggest producers of geothermal energy in Asia and is expanding its reach in the international market, allowing it to offer customers affordable energy rates. EDC also strives to provide the best customer service it can to all its clients by having helpful salespeople and easy to understand contracts. Because of all of this, it is poised to become the premier supplier of electricity for the Philippines’ Green Energy Option Program. EDC takes its mission as a renewable energy provider seriously and goes beyond sustainability by investing in programs that enhance the environment and empower its partner communities, thereby fostering regenerative development. The company has also been working toward being carbon-neutral by improving its energy efficiency, as well as implementing various greening projects to ensure that its mission to provide future generations with a better life remains intact.
