Cebu oil find teems with vast reserves—Energy dept
President Rodrigo Duterte says the Philippines will earn at least P82 million a month from the Alegria Oil Field in southern Cebu that the Energy department says holds commercial quantities of natural gas and oil.
He made the statement after leading the ceremonial opening of the Alegria Oilfield Polyard-3 Well Site over the weekend.
“We have been lagging behind our neighbors, and not because we are lazy or poor. But in terms of natural resources, we are behind Indonesia because they have oil. We are behind Brunei because it is awash in oil,” Duterte said.
“If the Philippines had the resources and if we managed our revenues well, we would have long ago achieved parity. Our progress and development would have already been equal to theirs... Now there is wealth that can be found in Alegria.”
Energy Secretary Alfonso Cusi said the two wells of the Alegria Oil Field, which he described as a major breakthrough in the country’s quest for energy security, could produce 360 barrels a day.
He said initial studies showed that the oil field could support a 60-megawatt plant, which could help improve the power supply in the Visayas.
“It will help the economy because it will support the local industry using crude oil,” Cusi said.
“That will be a big help, even though it’s only 360 barrels because it is still a positive development.”
The oil field covers a total area of 197,000 hectares, with about 42,749 hectares devoted to the production area.
It is being operated by China International Mining Petroleum Co. with its partners Skywealth Group Holdings and Phil-Mal Energy International Inc. through a $30.80-million investment.