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| Name | 🇵🇭 Philippines MULTI-TRILLION DOLLARS OIL and GAS DEPOSITS |
| Video Uploader | Video From ASEAN Analytics |
| Upload Date | This Video Uploaded At 09-11-2022 02:00:08 |
| Video Discription | #spratlyislands #mischeifreef #Liguasanmarsh #benhamrise Accordingly, the nation holds a staggering $26.3 trillion worth of untapped oil deposits, located within the country’s 200-mile Exclusive Economic Zone. The vast oil reserves of the Philippines are found in various parts of the archipelago, specifically the Reed Bank, the largest of them all, and the Mischief Reef in the Spratly Islands. According to a report by the U.S. Geological Survey and China’s Ministry of Geology and Mineral Resources, the oil deposits on Spratlys Island could reach 17.1 billion barrels. With the recent discovery of oil reserves in the Sulu, particularly within the Celebes Sea. The amount of hydrocarbon deposits in the country could be more than $26.3 trillion, more than the 13 billion barrels of oil deposits of Kuwait, one of the world’s top oil producers. This is more than enough to free the country from poverty, and the Philippines would not have to import expensive oil. In fact, the country would be an exporter of oil products and at the same time, provide an answer to the unabated rise of gasoline prices almost every week. The recent progress of the country’s oil and gas industry is the redevelopment of the Cadlao Oil field that was last operational in the early 1990s. As the Philippines is seeking to revive its moribund upstream oil industry. Cadlao’s Oil field estimated recoverable volumes of 6.2 million barrels of oil, are unlikely to have a huge impact on local supply. But it will help minimize the import of petroleum products. Oil production could start by 2024. While the natural gas fields around Malampaya which are set to run dry by 2027, will also be set to redevelop its surrounding areas. The Malampaya oil and gas oil field, 50km west of Palawan Island has produced a total of 1.9 trillion standard cubic feet of gas as of the end of 2017 and 75 million barrels of natural gas liquids. It supplies five power plants in Luzon, the country's largest island, with a combined capacity of 3,200 megawatts. Other prospective deposits are believed to be found inland, and offshore waters including those in the northern province of Cagayan, Ragay Gulf in Bicol, offshore Mindoro, the new Palawan block, northern Cebu, and the Cotabato Basin. In 2018, an estimated 27.9 million barrels of in-land oil was discovered in Alegria Cebu by the Department of Energy and service contractor China International Mining Petroleum Company Ltd., with an estimated 3.4 million barrels of recoverable oil. An estimated 9.4 billion cubic feet of natural gas reserves were found, with up to 6.6 billion cubic feet of recoverable gas, about 70% of the total estimated gas reserves. The Liguasan Marsh, which covers 2,200 hectares straddling the provinces of Cotabato, Maguindanao, and Sultan Kudarat, is estimated to hold 3.4 trillion cubic feet of natural gas and 4.8 billion barrels of crude oil. Earlier this year, the Department of Energy has given the green light to SK Liguasan Oil and Gas Corporation, a Mindanao-based exploration firm, to develop Area 9 of the Cotabato Basin. The BENHAM Rise is located off the coast of Aurora Province, the northernmost part of the Philippines. Which was suspected to have a rich deposit of petroleum, was found that no potential oil reserved. But a rich source of minerals, and other aquatic resources, like gas hydrates or methane. Join this channel to get access to perks: https://www.youtube.com/channel/UCuCwi7OhBOCvHDKHUS3m_1Q/join |
| Category | News & Politics |
| Tags | Reed Bank | Spratly Islands | Cadlao’s Oil field | The Malampaya oil and gas oil field | Liguasan Marsh | BENHAM Rise |
