Onshore oil discovery

Published Sep 11, 2012 02:18am

MANILA, Sept 10: An Australian company will soon begin drilling for oil on the Philippine island of Cebu, hoping to tap what may be a huge source of undiscovered wealth for the archipelago, Manila said on Monday.

Sydney-based Gas2Grid Ltd. will drill two wells in Carcar City and one in the coastal town of Aloguinsan within three months, Energy Undersecretary Jose Layug said. The company is “bullish” about the prospect of success which could eventually yield as much as 69 million barrels of oil and 50 billion cubic feet of gas, he added.

All of the Philippines successful oil operations so far have been in deep waters. “If oil will be discovered, it will be a game-changer, especially for Cebu,” Layug added. He said it would earn Cebu huge amounts of revenue while helping to lower the country’s large oil imports.However he declined to give details until any oil deposits are confirmed. The development of onshore oil wells is much cheaper and faster than the offshore wells that require drilling in deep water, Layug said.—AFP


Do you have information you wish to share with Dawn.com? You can email our News Desk to share news tips, reports and general feedback. You can also email the Blog Desk if you have an opinion or narrative to share, or reach out to the Special Projects Desk to send us your Photos, or Videos.

More From This Section

Microfinance striking roots

The challenge for microfinance banks is to now penetrate deeper into micro enterprises and the SME market.

Textile growth shift

“If you read through our quarterly reports, you will trace eroding profitability to energy bills and rupee...

Most Popular

Comments (0) (Closed)