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More oil fields discovered in the Philippines

Did you know that the Philippines has more offshore oil rigs that operates off Palawan? Most of the media coverage and the most known rig in the country is the Malampaya Deepwater Gas-to-Power project. 

1.This is the first undertaking of its kind in the Philippines employing state-of-the-art deepwater technology to draw natural gas from deep beneath Philippine waters.

The indigenous gas fuels three natural gas-fired power stations with a total generating capacity of 2,700 megawatts to provide 40-50% of Luzon's power generations requirements.

Since October 2001, the Philippines has been importing less fuel for power generation, providing the country foreign-exchange savings and energy security from this clean fuel. Natural gas has the least CO2 among fossil fuels and is more effecient than other sources of power like coal and crude oil.

2. Australia's Nido Petroleum LTD. has informed tye Department of Energy (DOE) of its plan to drill more oil wells in the Northwest Palawan basin. It is considering to drill additional wells, both in the shallow and deep water portion of the SC (Service contract) 54 where water depths are generally less than 120 metres.The exploration strategy is focused on exploititing the proven oil potential of the Nido Limestone pinnacle reef play by using low cost development concepts. The entire block is covered by 3D seismic data and contains a number of developed oil descoveries and a large prospect and lead inventory of low risk drilling opportunities.

3. Galoc - Located 37 miles (60 kilometers) Northwest of Palawan Island Philippines, the Galoc oil field is situated in the North West Palawan Basin on Block C of Service Contract 14. A sandstone reservoir holding approximately 10 MMbo in proven reserves and 23.5 MMbo in proven and probable reserves, the field is located at a total depth of 6,890 ft(2,100 meters), Galoc produces 25,000 bopd along with associated gas.

Other than that, Australian Oil Company Gas2Grid has finally declared that Malolos 1 oil well is ready for commercial production. The discovery of oil in Aluguisan Cebu is the biggest oiol discovery in the Philippines and could ease import pressure according to the Department of Energy.

It has the estimated deposits from 14 million  to 601 million barrels, with the best estimate of 104 million barrels.The countrys consumption is around 260,000 barrels a day. The company noted that once full production started and oil flows to Philippine market, the domestic oil price could lower by 25% from its current price and 20% decrease in oil import is feasible. 

Earlier last year, rumors about Mindanao having $1 trillion dollar oil reserves shakes Mindanao, but DOE has not given any comment on the said matter.

Oil explorations are ongoing in several areas especially in Butuan and Liguasan, but positive result has yet to be announced.

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