EDC chairman and president Sergio Apostol said the company expects to bag a new contract for drilling rig maintenance with Bangladesh Petroleum and Exploration (EPCO) after the completion of its first contract with the Bangladeshi firm for drilling rig rehabilitation.
He said EDC will also bid for the drilling of oil and gas wells for a project by the Bangladesh Gas Field Co. Ltd.
For the Indonesian project, EDC will tie up with P.T. Matra, an Indonesian drilling firm, for an integrated drilling management service to Pertamina for the drilling of Ulubelu and Lumut Balai geothermal fields.
EDC is also eyeing a new contract with Papua New Guinea’s Lihir Management Co. (LMC) for steamfield development and management. EDC’s proposal, he said, is already under review by LMC.
Since 1998, EDC has been engaged in drilling operations in Lihir Island, New Ireland Province in PNG. EDC has just concluded its third contract with LMC for the drilling of geothermal, steam relief and dewatering wells in Lihir Island, PNG. It has operated for over three years with zero lost time incident, making the company the leader in safety performance over the two other international drilling companies contracted by LMC.
"We shall continue our efforts to transform EDC into a global company by marketing our geothermal and drilling services. We have already proven our competence and reliability when it comes to safety, timeliness, cost-efficiency and care for the environment. Our newly-organized marketing team has already identified possible clients and is aggressively participating in drilling rig tender processes," Apostol said.
Apostol said the annual revenue comparison shows an average 10 percent yearly increase in the geothermal firm’s drilling income. Last year, EDC earned P249.2 million from drilling alone. Its drilling income hit P1.1 billion in Dec. 2002 mainly from drilling and consultancy service contracts with LMC, Gulf Indonesia and Philippine Geothermal Inc. since June 1996.
EDC owns and operates drilling rigs. It started exporting its drilling services in 1997 for an oil and gas drilling contract in Indonesia.