ENERGY Development Corporation (EDC)
expects to save $40,000 a day from its new drilling rig, the most modern in the country. The savings will be realized from the reduced number of days it takes to drill a well, as a result of the increased rate of penetration measured in meters per day.
“With this new state-of-theart rig, we will achieve significant operational efficiency by reducing our drilling days by 40% to 50%,” EDC president and COO Richard Tantoco explained. “For every day deducted from each well we drill, not only do we save $40,000 but we also accelerate the production of steam. The rig’s superior safety and mobility features will also enable us to accomplish our drilling targets in terms of programmed wells per year; this is crucial since we are in an expansionary mode.”
Rig 14, purchased for almost P1 billion, has a variable frequency drive (VFD) and an Amphion integrated rig control system. The former allows for a more accurate speed and torque control while the latter centralizes control of various rig equipment. In addition, its mud system has a 1,800-barrel capacity which can increase rate of penetration. “…The new rig…will enable us to meet our drilling targets not only for our existing projects but also for the Mt. Labo and Mt. Mainit prospects,” Tantoco said.
EDC has bagged the service contracts for the Mt. Labo and Mt. Mainit geothermal prospects in Camarines Norte and Davao del Norte, respectively.