Fresh Ideas

Posts Tagged ‘oil discovery’

Would this spark interest in you? New Oil discovery in Palawan. I heard this in the news and I cannot believe my eyes that the Philippines actually has oil reserves.

According to the news, the Department Of Energy (DOE) confirmed that there is a potential in petroleum extraction in West Palawan and the Sulu Sea region.

Petroleum exploration in West Palawan began in the ‘60s and the company Nido Philippines started drilling in 1976.

Last September 23, 2008, the Australian-based Nido Petroleum Ltd. announced that it made the discovery of oil in the Yakal-1 and Tindalo-1 wells, and this as you well know, are additional discoveries in the Philippines after 14 years.

The combined oil reserve in the two wells is estimated at around 18 million barrels.

There are other discoveries like natural gas already in the Philippines. In September 2001, Shell began pumping natural gas at the Malampaya Gas Field, which is located 80 km off the coast of Palawan.

I hope that we can be self sufficient in oil so that we will not have problems anymore when the price of crude oil in the market increases and therefore ease the suffering of our motorists and public utility drivers in the never ending oil price hike.

Actually, this is one good news that I am proudly want to hear about. But then again, I do hope that the Philippines and the citizen will reap the rewards and not only the foreign investors that started it.