PHCEBU CITY – Commercial quantities of natural gas and oil resources have been found in the southern town of Alegria, Cebu that can last for 19 years.
The Department of Energy (DOE) and its partner, a Chinese exploration firm, were set to start production of the on-shore gas and oil mining site in Alegria, a 4th class municipality located more than 110 km from Cebu City.
The news was welcomed by Alegria Mayor Verna Magallon who saw the development as an opportunity for the town to improve economic activities and generate more jobs.
"This would give the town additional income that can be used to improve our social services and for implementation of other projects, especially for livelihood of our constituents,” she said by phone on Thursday.
Last March 14, 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.
Cusi made the pronouncement after a ceremonial signing of the Joint Declaration of Commerciality (JDC) between the DOE and service contractor China International Mining Petroleum Company Limited (CIMP CO. Ltd).
In a press release posted on its website, the DOE said exploration and drilling services on the oil field by CIMP started as early as 2009 and was covered by Petroleum Service Contract (SC) No. 49.
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 places (reserves) were found.
For natural gas, about 9.42 billion cubic feet (bcf) reserves were found, with the recoverable resource estimated at 6.6 bcf or about 70 percent of total natural gas in places/reserves.
The declaration was signed by Cusi and CIMP Chairman Lam Nam while DOE Undersecretary Donato Marcos and CIMP CEO Eric Lai served as witnesses.
The JDC outlines the roles and responsibilities of CIMP, particularly its compliance with all conditions set in the approved Plan of Development dated December 19, 2017.
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The Department of Energy (DOE) and its partner, a Chinese exploration firm, were set to start production of the on-shore gas and oil mining site in Alegria, a 4th class municipality located more than 110 km from Cebu City.
The news was welcomed by Alegria Mayor Verna Magallon who saw the development as an opportunity for the town to improve economic activities and generate more jobs.
"This would give the town additional income that can be used to improve our social services and for implementation of other projects, especially for livelihood of our constituents,” she said by phone on Thursday.
Last March 14, 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.
Cusi made the pronouncement after a ceremonial signing of the Joint Declaration of Commerciality (JDC) between the DOE and service contractor China International Mining Petroleum Company Limited (CIMP CO. Ltd).
In a press release posted on its website, the DOE said exploration and drilling services on the oil field by CIMP started as early as 2009 and was covered by Petroleum Service Contract (SC) No. 49.
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 places (reserves) were found.
For natural gas, about 9.42 billion cubic feet (bcf) reserves were found, with the recoverable resource estimated at 6.6 bcf or about 70 percent of total natural gas in places/reserves.
The declaration was signed by Cusi and CIMP Chairman Lam Nam while DOE Undersecretary Donato Marcos and CIMP CEO Eric Lai served as witnesses.
The JDC outlines the roles and responsibilities of CIMP, particularly its compliance with all conditions set in the approved Plan of Development dated December 19, 2017.
Read more:
You do not have permission to view the full content of this post. Log in or register now.
Good news - Magandang balita ito para sa pilipinas. Mabibigyan daw ng maraming trabaho ang mga residente
Bad news - Ang langis na makukuha hindi pilipino ang nakinabang.