RE drives strong performance of PetroEnergy in first half
Yuchengco-led PetroEnergy Resources Corp. (PERC) nearly doubled its first half net income on higher contribution from renewable energy plants and improved oil prices.
PERC reported a 180 percent increase in consolidated net income to $6.55 million in the first half of 2017 from $2.34 million in the same period last year largely driven by higher income contribution from its renewable energy projects.
Its renewable energy plants include the 20-megawatt (MW) Maibarara Geothermal Power Project in Batangas, 36-MW Nabas Wind Power Project in Aklan, and the 50-MW Tarlac Solar Power Project in Tarlac.
Total electricity exported from the three plants rose from 152,898 MWh to 174,810 MWh.
PERC also noted the slightly higher average crude oil prices. with average price reaching $50.38 per barrel for the period from$35.59 per barrel in the same period last year. PERC’s petroleum asset in Gabon West Africa produces 16,000 barrels of oil per day (BOPD) from four (4) producing fields.
“Our renewable energy facilities are showing good results in terms of energy yield and operational efficiencies. We are optimistic that if we are able to sustain this performance, we will be on-track in achieving our full year targets,” PERC president Milagros V. Reyes said.
The company is working on a couple of projects, with subsidiary Maibarara Geothermal Inc. (MGI) expecting to start the commercial operations of its 12-MW Maibarara-2 expansion before end-2017.
PERC has also obtained earlier this month an environmental clearance for its Puerto Princesa Solar Power Project, the first utility-scale green power project in the whole of Palawan.