Philippines: Oil found on Cebu island

MalolosAustralian 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.



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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,”...

MalolosAustralian 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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Donation Total: $10.00

 

 

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