Philippines draws first crude from Palawan oilfield
9/10/2008 17:13
The Philippines, the archipelagic state heavily dependent on imported
crude oil, today announced the extraction of oil from a new offshore oilfield in
western Palawan region.
Executive Secretary Eduardo R Ermita told reporters
that "light medium crude oil with a potential high yield of light ends such as
gasoline" was extracted in Galoc oilfield some 60 km northwest of the Palawan
island at 10:45 am today.
Ermita said the oilfield can produce up to 10
million to 20 million barrels of oil.
"We embrace this significant
development as this will help immensely in our pursuit to be energy
self-sufficient," local media quoted Energy Secretary Angelo Reyes as
saying.
The Galoc site, which has a reservoir located 2,200 meters below the
sea floor, is expected to yield 17,000 to 20,000 barrels of oil per day in the
next three months, local Tv network GMA News said.
Ermita said President
Gloria Macapagal-Arroyo is optimistic that this new development will reduce the
country's annual oil importation of US$6 billion and help contain the increasing
cost of food and other commodities.
Xinhua
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