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Saturday, August 13, 2005
Firm forecasts $33M in potential oil yield in Tañon
A US-based petroleum investment advisory firm has told one of the energy exploration service contract holders in the country that the potential oil reserves in central Tañon Strait has an estimated value of over US $33 million.
Ispyoil, a petroleum investment advisory services firm based in Texas, also noted that explorations for gas deposits in Libertad
in Bogo and in Maya in Daanbantayan towns have a 100 percent probability of success.
Ispyoil has been contacted by Forum Energy Corp., a Canadian firm, to evaluate its planned investments in the Philippines.
Forum is one of two firms, the other is Japan Petroleum Exploration Co. Ltd. (Japex), which conducted oil exploration studies in the Tañon Strait. Forum also found gas deposits in Maya and Libertad in northern Cebu town of Bogo.
According to Ispyoil’s investment report for Forum, the expected value of the Libertad gas field has an unrisked value of about $580,000 while that in Maya is $700,000.
DOE Visayas Director Antonio Labios said the result of the oil exploration surveys in the Tañon Strait are still not available.
The Ispyoil report said several wells have been drilled in Maya in 1960s and 1970s but oil reserves did not reach commercial quantities. In 2003, another drilling was conducted within an area that is known to be “oil-bearing.”
It said Forum announced gas discovery in October 2003. This was confirmed by Labios.
In the Libertad gas field, Forum discovered over one billion cubic feet of gas in reserves, which can be developed for power generation or production of compressed natural gas.
The Ispyoil report, published on the Web in July last year, recommended that Forum pursue its planned investment in the country, which includes another service contract (SC) with the Department of Energy (DoE) in Manila Bay and Central Luzon area.
Forum’s Cebu exploration projects, under SC 40, is valid for 10 years with a minimum work commitment of US $200,000. (LAP)
(August 13, 2005 issue)
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