Philippines may soon own vast gas-rich area

**holdencaulfield** · August 16th, 2011 06:07 PM

Originally Posted by oliver1013

Maniwala kayo riyan, di niyo ba alam ang Pilipinas pagaari ng China, kasi malapit tayo sa Taiwan, eh kanila yun. So damay damay na yan.

kaya pala nakalagay sa bungo ng lolo ko: "china"

**chua_riwap** · August 16th, 2011 06:31 PM

langya....nasa kabilang side ng pinas itong benham rise, magki-claim pa ang china? ano ba pinakamalapit na neighbor natin sa pacific ocean? guam, marianas islands?

The United Nations says the continental shelf is “the seabed and subsoil of the submarine areas that extend beyond its territorial sea” up to 370 km (200 nautical miles) from the archipelagic baseline. An extended continental shelf goes farther than 370 km.
The Philippines claims that Benham Rise is an extension of its continental shelf.
Paje said Benham Rise was within the country’s 370-km exclusive economic zone.

**userfriendly** · August 16th, 2011 06:39 PM

The Philippines is really rich in natural gas. Just go to any barangay hall, city hall or any govt office and you will find naturaal gas. However, the biggest source of natural gas are Congress and Senate.

**Monseratto** · August 16th, 2011 07:30 PM

Originally Posted by uls

^^

coz only multinationals have the capability to build and operate offshore platforms

+1. Even oil-rich countires have to rely on multinationals for their expertise to pump it out of the ground. BTW,Do you know who spent for the "new" 2nd hand coast guard cutter/warship of the Philippine Navy? Would you believe it is the Department of Energy? The money came from the proceeds of the Malampaya gas fields. At least may pakinabang din...

The BRP Gregorio del Pilar (PF-15) was acquired through the United States Excess Defense Act (EDA) using Department of Energy Malampaya Project funds.

Former US Coast Guard ship sets sail for Philippine Navy as 'BRP Gregorio del Pilar' - Interaksyon.com

**yebo** · August 16th, 2011 09:04 PM

benham rise is an extinct volcanic ridge. its average water depth is 3000 meters, close to 10,000 feet. what are the chances of finding petroleum deposits on a volcano? very much less than in sedimentary formations that's for sure. although neighboring japan has found petroleum in basaltic formations they have mucho mulah to find those deposits, we don't. for a volcanic formation you might find methane and lots of CO2 but rarely petroleum.

drilling at that water depth will need the use of a deep water rig. average day rate of such an oil rig is upwards of US$450,000 per day. repeat, UPWARDS of US$450,000/DAY. deep water wells take a very long time to drill, up to 6 months or more. and rig rental rates are only part of the costs. there are surveys to be made and analyzed. then if the well is drilled there is the costs of well casings, drilling mud and chemicals, drill pipe cost, cement, wireline and logging, supply boat and work boat rentals (and since this is in open ocean that means ocean going supply boats and work boats, US$30,000 per day or more!), fuel to run the rig and the boats, etc. etc. also it is in the typhoon belt so drilling can only happen during the typhoon free months, december to may. if the oil company is lucky and strikes petroleum in its first well (fat chance, average is 1 gusher for every 10 wildcat wells, and only 1 in 4 will be economically viable) then it will have to sink in many billions of dollars to develop the reserve (Malampaya at only 3,000 feet of water cost US$5,000,000,000 to develop).

**uls** · August 17th, 2011 12:17 AM

Originally Posted by yebo

drilling at that water depth will need the use of a deep water rig. average day rate of such an oil rig is upwards of US$450,000 per day. repeat, UPWARDS of US$450,000/DAY. deep water wells take a very long time to drill, up to 6 months or more. and rig rental rates are only part of the costs. there are surveys to be made and analyzed. then if the well is drilled there is the costs of well casings, drilling mud and chemicals, drill pipe cost, cement, wireline and logging, supply boat and work boat rentals (and since this is in open ocean that means ocean going supply boats and work boats, US$30,000 per day or more!), fuel to run the rig and the boats, etc. etc. also it is in the typhoon belt so drilling can only happen during the typhoon free months, december to may. if the oil company is lucky and strikes petroleum in its first well (fat chance, average is 1 gusher for every 10 wildcat wells, and only 1 in 4 will be economically viable) then it will have to sink in many billions of dollars to develop the reserve (Malampaya at only 3,000 feet of water cost US$5,000,000,000 to develop).

and that's exactly why only multinational oil companies like Exxon, Shell, BP, Chevron have the capability to undertake such a venture

**andywesteast** · August 17th, 2011 03:11 AM

Recently discovered Gas Fields off Israel.

As much as 122 trillion cubic feet of natural gas and 4.2 Billion barrels of Oil can be found in the area off Israel, as estimated by the USGS. Suddenly, Israel is now an Energy power.

Ito yung pinagdadasal ng Pilipinas. But sorry, the Catholic Pinoys are not the Chosen People, the Jews are.....

**Ginnova** · August 17th, 2011 08:19 AM

with those huge amount of gas/oil deposit, they are literally the "Chosen People"

**CVT** · August 17th, 2011 02:23 PM

Jews-ko-day... :hysterical:

13.9K:mop:

**timrev** · September 11th, 2012 10:16 AM

Philippines hopeful of discovering onshore oil
http://www.abs-cbnnews.com/business/...ng-onshore-oil

MANILA - An Australian company will soon begin drilling for oil on the Philippine island of Cebu, hoping to tap what may be a huge source of undiscovered wealth for the archipelago, Manila said Monday.

Sydney-based Gas2Grid Ltd. will drill two wells in Carcar City and one in the coastal town of Aloguinsan within three months, Energy Undersecretary Jose Layug said.

The company is "bullish" about the prospect of success which could eventually yield as much as 69 million barrels of oil and 50 billion cubic feet (1.5 billion cubic metres) of gas, he added.

All of the Philippines successful oil operations so far have been in deep waters.

"If oil will be discovered, it will be a game-changer, especially for Cebu," Layug added.

He said it would earn Cebu huge amounts of revenue while helping to lower the country's large oil imports.

However he declined to give details until any oil deposits are confirmed.

The development of onshore oil wells is much cheaper and faster than the offshore wells that require drilling in deep water, Layug said.

"But it can be more challenging because there are local communities who can complain," he said, adding that the government and oil company would have to explain the benefits while minimising the effects of oil production.

Cebu is known for its tourism industry, built around its many beaches, its export industries and as a trading centre for the central Philippines rather than for any mineral resources.

The Philippines produces 6,000 barrels of oil per day from its offshore oil wells but consumes 300,000 barrels per day, he said.

Layug said the country was "underexplored" as far as oil prospects were concerned and could yield more discoveries.