Philippines: Oil found on Cebu island
Australian oil company Gas2Grid reported that it has discovered oil onshore Cebu in the Malolos oil field, saying that reserves could be 4 million barrels at the lowest estimate, 12 million barrels at the best estimate and 42 million barrels at the highest estimate.
So far, tests in the sandstone areas of Malolos-1 produced “indicative rates” of between 100 to 200 barrels of oil per day.
This could give the Philippines additional energy prospects, the Department of Energy (DOE) said, cautioning, however, that it remained to be seen if the oil find is substantial.
“There is a new prospect, yes,” said Energy Undersecretary Ramon Oca. “But let’s put into perspective that there is no reason to get excited for now. The prospect may prove large later on (after more drilling) but there is also a chance it would not.”
Gas2Grid now plans to engage the services of an independent expert “to certify and convert some of the contingent resource of oil in place into proven, probable and possible oil reserves.”
The field required less investments to extract unlike most discovered wells in the Philippines located far offshore. Gas2Grid said it will undergo a 12-month flow-test and then seek approval for a 25-year commercial production.
Australian oil company Gas2Grid reported that it has discovered oil onshore Cebu in the Malolos oil field, saying that reserves could be 4 million barrels at the lowest estimate, 12 million barrels at the best estimate and 42 million barrels at the highest estimate. So far, tests in the sandstone areas of Malolos-1 produced “indicative rates” of between 100 to 200 barrels of oil per day. This could give the Philippines additional energy prospects, the Department of Energy (DOE) said, cautioning, however, that it remained to be seen if the oil find is substantial. “There is a new prospect, yes,”...
Australian oil company Gas2Grid reported that it has discovered oil onshore Cebu in the Malolos oil field, saying that reserves could be 4 million barrels at the lowest estimate, 12 million barrels at the best estimate and 42 million barrels at the highest estimate.
So far, tests in the sandstone areas of Malolos-1 produced “indicative rates” of between 100 to 200 barrels of oil per day.
This could give the Philippines additional energy prospects, the Department of Energy (DOE) said, cautioning, however, that it remained to be seen if the oil find is substantial.
“There is a new prospect, yes,” said Energy Undersecretary Ramon Oca. “But let’s put into perspective that there is no reason to get excited for now. The prospect may prove large later on (after more drilling) but there is also a chance it would not.”
Gas2Grid now plans to engage the services of an independent expert “to certify and convert some of the contingent resource of oil in place into proven, probable and possible oil reserves.”
The field required less investments to extract unlike most discovered wells in the Philippines located far offshore. Gas2Grid said it will undergo a 12-month flow-test and then seek approval for a 25-year commercial production.
