Philippines is rich in natural resources.
This statement is found in all our books when we were still
studying, but history will tell us that despite the God given gifts that we
have as a country we were not able to exploit
in such a way we Filipinos as the direct beneficiaries of its proceeds.
The news coming from the province of Cebu is nothing but a
whiff of fresh air that we all need. *
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| Alegria oilfield in Alegria, Cebu (photo credit to PDI) |
Its out they struck gold (pun intended)–in commercial quantities
of natural gas and oil resources in the southern town of Alegria , Cebu. And
the good news does not stop there, the Department of Energy says the supply can
last up to atleast 19 years.
The Department of Energy and service contractor China International Mining Petroleum Company Limited (CIMP Co. Ltd.) have discovered an estimated 27.93 million barrels of oil (MMBO) with a possible production recovery of 3.35 MMBO or a conservative estimate of 12 percent of total oil in place/reserves.
Also, about 9.42 billion cubic feet (bcf) natural gas
reserves were found, with the recoverable resource estimated at 6.6 bcf or
about 70 percent of total natural gas in place/reserves, according to DOE.
"The natural
gas and oil production of the field may last until 2037," the DOF said in
a statement.
The municipality
town of Alegria is located more than 110 kilometers from Cebu City.
CIMP Co. Ltd.
started the exploration and drilling activities in the oil field in 2009.
In 2016, the CIMP
Co. Ltd. and DOE have established that the oil field contained commercial quantities
of natural gas upon discovering the oil accumulation in the adjacent
hydrocarbon traps within the Alegria underground area. *
Last week Department
of Energy Secretary Alfonso Cusi declared that the
Alegria Oil Field, located in Barangay Montpeller, has commercial quantities of
natural gas and oil resources that can last until 2037.
The news was welcomed by the residents who are all hoping that this development will create economic activities and generate more jobs for the locals.
The news was welcomed by the residents who are all hoping that this development will create economic activities and generate more jobs for the locals.
Report from PNA
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