EDC allots ₱30 billion for projects

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EDC allots ₱30 billion for projects - Business Mirror

Quick Summary:

Lopez-led Energy Development Corp.(EDC) is planning to allot P30 billion in capital expenditure (capex) for its geothermal power projects next year.

EDC was earlier granted surface exploration and drilling rights, also known as the preliminary survey assignments plus exploration (PSPE), for two greenfield geothermal projects in Indonesia.

However, higher profits from the natural gas business were able to partially offset the decline from First Gen’s geothermal business.