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Tsikot Member Rank 3
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- Nov 2002
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June 16th, 2008 10:20 AM #31i don't want to sound too pessimistic, but do you really think that if we strike an unlimited amount of oil e aasenso ang bansa? sa tindi ba naman ng greed at apathy ng nasa gobyerno e magttrickle down ito agad sa lahat?
hmmm. well hopefully magkaroon ng pagbabago, at least in our lifetime.
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October 9th, 2008 02:49 PM #32
Sana makakatulong ito sa pagbaba ng presyo ng crudo natin
Oil flows off Palawan
By Thea Alberto
INQUIRER.net
First Posted 13:16:00 10/09/2008
MANILA, Philippines – (UPDATE 2) President Gloria Macapagal-Arroyo has announced the extraction of fresh oil off Palawan.
"The President is pleased to announce, as reported by Energy Secretary Angelo Reyes, the extraction of fresh oil from the Galoc oil field in the northwest offshore of Palawan at 10:45 am today [Thursday]," Executive Secretary Eduardo Ermita told a press conference.
Reading from a prepared statement, Ermita said the President described the oil as “light, medium crude oil, with a potential high yield of light ends, such as gasoline.”
Ermita said the discovery, to be called Palawan light, was made at 10:45 a.m. Thursday and was put on board a Philippine vessel at 11:20 a.m. to be brought to local refineries.
Ermita said subject to further studies, the area is expected to yield from 10 million to 20 million barrels of oil.
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October 9th, 2008 04:42 PM #33
An update on Galoc:
[SIZE=2]Philippines extracts first oil shipment off Palawan island[/SIZE]
10/09/2008 | 01:40 PM
MANILA, Philippines -The first extraction of oil off the Galoc oilfields in Palawan signifies the Philippines' first step towards energy self-sufficiency, the government said on Thursday.
Executive Secretary Eduardo R Ermita told reporters in Malacañang that “light medium crude oil with a potential high yield of light ends such as gasoline" was extracted 60 kilometers northwest of Palawan island at 10:45 a.m.
“The fresh extracts were put on on board a Philippine vessel en route to our local refineries at 11:20 a.m.," Ermita said as broadcast over the radio. The extracted Galoc oil, which will be called “Palawan Light," is expected to address at least six percent of the country’s daily requirement of 300,000 barrels.
"We embrace this significant development as this will help immensely in our pursuit to be energy self-sufficient," Energy Secretary Angelo T Reyes said
The Galoc site, which has a reservoir located 2,200 meters below the sea floor, is expected to yield 17,000 to 20,000 barrels of oil per day in the next three months.
The Galoc oilfield was discovered in 1981 but site developments were done only in 2005 when Galoc Production Company WLL farmed in to the area. Its partners include Otto Energy, Philodrill Corp. and Nido Petroleum Ltd.
Estimates made in 2006 showed that Galoc has reserves of about 10 million to 20 million barrels of oil.
Ermita said that further studies and exploration of the site could result in additional yields.
“The President is optimistic that this new development will positively impact on the administration's efforts to reduce the country's annual oil importation of US$6 billion, and, in turn, also contain the increasing cost of food and other commodities," Ermita said.
The successful oil extraction came after inclement weather disrupted site operations and even prompted operators to send in a new support vessel suited for rough seas. - with Mark Merueñas, GMANews.TV
Hoping that the reserve would yield substantial amount of oil.
Sana hindi lang by gallon ang meron sa Galoc.
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October 9th, 2008 07:08 PM #34
this is related to our oil in Palawan
http://abs-cbnnews.com/special-repor...-shows-promise
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October 9th, 2008 09:38 PM #36
saan kaya mapupunta kinita nito? malamang sa mga buwaya nanaman... Also, how will we know that's 17,000 to 20,000 barrels of oil per day will be pumped out? baka may ibang pipeline output yan... alam mo naman yung ibang politiko natin lahing koreano lahat.....magkano ko rian?.. Pano ko rian.... meron ba ko rian ....heheheheh
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THE AUTO SPECIALIST
- Join Date
- Mar 2006
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- 607
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October 13th, 2012 09:52 AM #40
Australia's Otto Energy wins DOE extension of Leyte oil, gas exploration
MANILA - The Department of Energy has extended the exploration and development contract of Otto Energy Ltd. for the Northwest Leyte Peninsula oil and gas block.
In a regulatory filing, the Australian company said the DOE gave up to January of next year to complete "the acquisition, processing, and interpretation of the present 2D seismic program" in Service Contract 51.
Despite this, Otto Energy will still be on track with its target to drill a well in February of the same year, "planning for which has already commenced."
Otto Energy will shoulder the entire cost of the drilling in exchange for an 80 percent stake in SC 51 under a deal it earlier signed with SWAN Oil & Gas Ltd., which had bowed out of the north block of the contract area.
SC 51 is divided into two areas: the southern portion, which covers the Cebu-Bohol Strait, and the northern portion, which covers a portion of onshore Leyte.
The entire Duhat structure that Otto Energy targets to drill in Leyte is projected to hold up to 76 million barrels of petroleum resources.
The company's partners in SC 51 are Alcorn Gold Resources Corp.,Trans-Asia Oil and Energy Development Corp. and PetroEnergy Resources Corp.
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