LGUS told to promote gas, oil industry as investment potential-A A +A
Wednesday, December 4, 2013
THE Board of Investments (BOI) in Davao urged local government units in Davao Region to promote energy, oil, and gas industry as an investment potential in their respective areas.
BOI Davao extension office head Gil Dureza, who spoke during Department of Trade and Industry (DTI)’s Capacity Building Seminar on Project Packaging and Investment Marketing cum Personality Enhancement Monday at the Marco Polo Hotel, said the 33,000 square kilometers Agusan-Davao Basin has an untapped oil and gas reserves of approximately 194 million barrels, wherein gas makes up 70 percent of the total resources.
"Now having knowledge of this, it is important that LGUs prepare policies and agreements, especially on the sharing of profits for inland reserves," he said.
Dureza said the areas of Panabo City, Malita, Sta. Cruz, and Malalag are potential investment areas for this industry.
He also said there are at least 40 potential mini-hydropower sites identified in the region and if fully developed, it can produce around 84 megawatts (MW).
In Davao del Norte, four sites were identified with a potential of 1MW, Compostela Valley has eight with 25MW, Davao Oriental has eight with 5MW, Davao City has two with 37MW, and Davao del Sur has 18 with 14MW.
"It would be really nice if the LGUs will strive hard to campaign and promote these investment potentials to investors so that thes sites will be developed and will benefit us," Dureza said.
He also urged LGUs to enter into private-public partnerships in developing these sites.
Published in the Sun.Star Davao newspaper on December 04, 2013.