Inflationary pressures will dampen the optimism of investors in the Philippine economy. The series of price hikes not just in gasoline but in the prices of basic commodities will hurt the economy. NEDA sees 5% growth while other economists still see a 6-7% growth.
With the turmoil happening in the Middle East, crude oil prices are expected to jump to US$140 per barrel. This is quite alarming since this will affect other countries especially in Asia and Europe, two regions dependent on Middle Eastern oil. US and South American countries have their own supplies and stocks of these precious black oil. Those who will be hit hard are those without resources of their own.
The Philippines has its Malampaya and other oil exploration sites, why not halt the importation of these precious resources and re-deploy them to benefit our country first? It is our country's biggest oil reserves. Mitra energy estimates recoverable oil reserves at Malampaya to be at 35-40 million barrels of oil. We also have natural gas production in Malampaya estimated to fulfill at least 8percent of the country's needs. The DOE reports that there are now ten (10) oil exploration sites, actively being undertaken by the Department of Energy.
Showing posts with label malampaya oil project. Show all posts
Showing posts with label malampaya oil project. Show all posts
Thursday, March 10, 2011
Wednesday, December 16, 2009
Martial Law and oil in Sulu and Mindanao
ExxonMobil, a giant oil firm, is digging for oil off Sulu sea. The international company just invested US$100 million to look for oil in the 8,620 hectares off the Sulu sea. Exxon partnered with Mitra energy to "dig for oil" which analysts estimate to have between 750 million to 1 billion barrels worth of that precious black gold.
Mobil has a contract to drill oil in the Sandakan basin, a few kilometers away from Brunei. The oil giant started drilling last October to depths as deep as 3,000 meters. Exxon probably finished drilling already since based on their plan, drilling would have finished by the last week of November.
Energy officials are bullish about this since this will reportedly solve the energy requirements of the Philippines for the next seven years. However, we all know what will happen to these millions of barrels worth of oil--it will be sold abroad and like the Malampaya project, will benefit other countries other than the Philippines.
What is significant though is this project will confirm earlier predictions that the Sulu sea and the area called the "Spratlys" do possess billions and billions of barrels worth of oil. Some oil experts even believe that Mindanao itself is sitting on a gold mine. That certain areas of the region might hold rich deposits of coal, oil and even probably gold. Most of Mindanao are still "unexplored" territory.
If these oil speculators strike gold, then, this would have very serious security implications in Mindanao. It would definitely affect the lives of millions of Bangsamoros since unscrupulous and greedy speculators would definitely flock to Mindanao to find for oil, gold and other precious metals and minerals.
The issue of security will definitely be a major concern. ExxonMobil is an American company and with this issue of security, this definitely entails additional security from the US military. But, how do to it when the VFA disallows it?
That's why the government tinkered with martial law.
Mobil has a contract to drill oil in the Sandakan basin, a few kilometers away from Brunei. The oil giant started drilling last October to depths as deep as 3,000 meters. Exxon probably finished drilling already since based on their plan, drilling would have finished by the last week of November.
Energy officials are bullish about this since this will reportedly solve the energy requirements of the Philippines for the next seven years. However, we all know what will happen to these millions of barrels worth of oil--it will be sold abroad and like the Malampaya project, will benefit other countries other than the Philippines.
What is significant though is this project will confirm earlier predictions that the Sulu sea and the area called the "Spratlys" do possess billions and billions of barrels worth of oil. Some oil experts even believe that Mindanao itself is sitting on a gold mine. That certain areas of the region might hold rich deposits of coal, oil and even probably gold. Most of Mindanao are still "unexplored" territory.
If these oil speculators strike gold, then, this would have very serious security implications in Mindanao. It would definitely affect the lives of millions of Bangsamoros since unscrupulous and greedy speculators would definitely flock to Mindanao to find for oil, gold and other precious metals and minerals.
The issue of security will definitely be a major concern. ExxonMobil is an American company and with this issue of security, this definitely entails additional security from the US military. But, how do to it when the VFA disallows it?
That's why the government tinkered with martial law.
Subscribe to:
Posts (Atom)