GNS Science wins geothermal evaluation job in the Philippines

Oct 23, 2012 - New Zealand-based GNS Science said Tuesday it would provide Philippine geothermal group Energy Development Corporation (PSE:EDC), or EDC, with geosciences consultancy services to boost its domestic operations.

GNS Science will carry out resource viability reviews for EDC's steamfields over six months. Initially, it will study the resource viability of two key geothermal fields in the Philippines and will assess EDC’s reservoir strategies and the success of its drilling operations.

EDC chief operating officer Richard Tantoco said that a previous assessment made by GNS Science helped EDC save USD 3 million (EUR 2.3m) in operating costs. Given EDC’s plans to drill 75 wells by 2016, if GNS Science’s evaluations help improve production by at least 1 MW per well, compared to the current average, this would boost annual revenues by USD 75 million, Tantoco said.

(USD 1 = EUR 0.766)

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