Connect with us

Hi, what are you looking for?

Economy

Alegria oil field cannot supply fuel on a national scale, DoE official says

PRODUCTION capacity of the onshore Alegria oil field in Cebu is not enough to supply fuel on a regional and national level, a Department of Energy (DoE) official said on Tuesday.

“Although [its production capacity] is significant from a local perspective, it’s not enough to supply at a regional or even more so, the national level,” DoE Assistant Secretary Leonido J. Pulido III told Senator Risa N. Hontiveros-Baraquel during a Senate hearing on the Midstream Natural Gas Industry Act. He did not give exact figures on the oil field’s current production capacity.

In 2016, the DoE and the oil field’s service contractor China International Mining Petroleum Co. Ltd. (CIMP) said that the 197,000-hectare area in Southern Cebu had commercial quantities of natural gas.

Mr. Pulido made the statement in response to Ms. Hontiveros-Baraquel’s question on the Alegria oil field’s status of production.

Although the oil field was “ramping up,” it had experienced some delays, said Mr. Pulido. He did not explain the cause of the setbacks.

Last year, Hong Kong-based Polyard Petroleum International Group Ltd.’s unit CIMP signed a drilling service agreement with oil services firm East Asia Oil Engineering Group Ltd. The deal, which was inked on Jan. 11, remained valid until Dec. 31 last year.

Under the deal, East Asia Oil was tasked to provide turnkey services to help CIMP drill six production wells in the Alegria oil field. The services included supplying a full set of drilling equipment, materials and personnel in well drilling, mud logging, wire line logging, cementing, testing and other related services.

CIMP, which held Petroleum Service Contract No. 49 covering the Alegria oil field, began exploration and drilling activities in the area in 2009.

Three years ago, DoE Secretary Alfonso G. Cusi said that the Southern Cebu oil field could produce enough natural gas to supply the requirements of a small power plant with a capacity of 60 megawatts.

He added that the two oil wells in the field could produce 180 barrels of crude oil each.

The US Energy Information Administration described the Alegria oil field as one of the two active petroleum fields in the Philippines, with the other being the Galoc offshore field in the northwest Palawan basin. — Angelica Y. Yang

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

By Diego Gabriel C. Robles THE Philippine economy expanded by 7.4% in the second quarter — slower than expected — as rising inflation weighed...

Economy

By Abigail Marie P. Yraola, Researcher THE Philippines’ merchandise trade deficit hit another record in June as imports continued to outpace exports despite a...

Economy

THE National Government’s (NG) outstanding debt as a share of the gross domestic product (GDP) eased to 62.1% at the end of June. Data...

Economy

By Keisha B. Ta-asan SOURED LOANS held by Philippine banks fell for a fourth straight month in June, bringing the nonperforming loan (NPL) ratio...

Economy

Smart says third telco player’s PCC complaint meant to avoid liability By Arjay L. Balinbin, Senior Reporter GLOBE Telecom, Inc. on Tuesday said it...

Economy

DMCI Holdings, Inc. reported on Tuesday that its second-quarter consolidated net income went up by 73% to P9.03 billion from P5.23 billion, driven by...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.