PetroEnergy income reached $8.46 million last year

By Lenie Lectura – April 17, 2018
from Business Mirror

PETROENERGY Resources Corp. (PERC) reported its earnings jumped 44 percent to $8.46 million (P439.8 million in 2017 as against $5.86 million (P304.65 million) in 2016, mainly on account of higher revenues.

The company attributed the profit increase to higher revenues from electricity sales of its renewable-energy (RE) investments. Likewise, revenues from its petroleum operations also increased by 22 percent as a result of slightly higher crude oil prices.

“Our 2017 financial performance shows PERC’s growth-driven direction, credited mainly to the efficiency and reliability of our RE power-plant operations. And to be recognized recently by the Financial Times as one of the fastest-growing companies in the Asia-Pacific region is truly an encouraging achievement for PetroEnergy,” PERC President Milagros V. Reyes said.

PERC’s original business is petroleum exploration and production. In 1995, PERC, along with US partner Vaalco Inc., secured the Etame Offshore oil block in Gabon, West Africa. In 1998 it made an oil discovery in the block and went on to start commercial oil production in 2002. PERC was listed in the Philippine Stock Exchange (PSE) in 2004.

In 2009-2010, PERC diversified into RE development and operation. Through its subsidiary, PetroGreen Energy Corp. (PGEC), PERC invested in the 20-megawatt (MW) Maibarara Geothermal Power Project, the 36-MW Nabas Wind Power Project and the 50-MW Tarlac Solar Power Project.

The 12-MW Maibarara-2 geothermal power facility in Batangas successfully started supplying power to the Luzon grid on March 9, increasing PERC’s total RE power-generation portfolio to 118 MW.

“We are optimistic that with our planned expansion in our Tarlac and Nabas projects, and the profitable operations of our existing power facilities, PERC will continue to grow both in terms of revenue and in the benefits we give to our various stakeholders. Our sustained growth is an affirmation of the value we put into our partnerships with public and private entities,” said Francisco G. Delfin Jr., PERC vice president.