Monday, October 13, 2008 Energy officials upbeat about oil find
THE oil discovery off the shores of Palawan will trickle down to the Filipino people, either directly or indirectly, at least that's what Department of Energy top officials are saying.
Energy Undersecretary Zamzamin Ampatuan said it will not be long before the Filipino people could actually feel the effects of the oil find in Palawan by an Australian company and its Filipino partners.
"First, we will have savings in our currency which we normally use in the importation of oil. We can use the savings on more essential needs," Ampatuan told reporters in a press conference Friday during the public consultation on the Philippine Energy Plan.
"Second, once the oil finds its way to the distribution system locally, it can actually affect the actual pump prices by as much as 7 percent," Ampatuan added.
However, Ampatuan was quick to add that the market play of oil in the international market has to be factored in even if the country has already its own source of oil.
Prodded as to how long the effects will be felt, the energy undersecretary simply said: "Eventually, it will be."
President Gloria Macapagal-Arroyo, in an interview Friday in Metro Manila, has said that the extraction from the Galoc oil field in Palawan Province would help raise the country's independence on oil importation from 41 to 58 percent.
"Our new Galoc oil field started pumping oil to what we believe will double crude oil production in our country. This is part of what we have done to increase energy independence during our administration from 41 percent to 58 percent, the highest in our history," the President said.
She said the greater use of alternative forms of energy like geothermal, bio-fuels and renewable, in addition to the oil exploration, contribute to bringing the country closer to its goal of being energy independent.
Reports showed that the Philippines officially started to produce oil Thursday morning after the Galoc oil released its first crude product to be known as "Palawan Light" off the northwest shore of Palawan.
The crude was described as "light medium crude oil, with a potential high yield of light ends, such as gasoline."
The Galoc oil field is expected to draw 17,000 to 20,000 barrels of oil per day in the first 90 days of operation, which would account for six percent of the country's daily local demand of 300,000 barrels per day. They expect to draw reserves of up to 10 million to 20 million barrels in three to five years. (CPM)
