Well according to the CIA Factbook. In 2005 the Philippines consumed about 340,000 barrels/day, while it imported 353,700 bbl/day (2004 est).
In terms of Oil Production. According to the Philippine Department of Energy(DOE) (as of November 2006) the Philodrill Corporation produced a total of 162,963 barrels of crude oil. The Nido fields off the coast of Palawan has produced 106,939 barrels while Matinloc made 56,024 barrels. The Malampaya Natural Gas field has been also able to produce 4,908,180.87 barrels of condensate oil.
As of 2005, the DOE said that the Philippines is projected to have petroleum reserves totaling 456 million Barrels of Fuel Oil Equivalent (BFOE). The breakdown being: 25 million barrels of oil, 2,135 billion cubic feet of gas and 54 million barrels of condensate.
What is surprising to note is that the Galoc field of Nido is being geared to pump out roughly 400,000 barrels of oil a day from its current 17k capacity. So could this be the end of our energy crisis? Not really, considering that the report said that that field only has 10 million barrels of oil (unless that’s a typo). Kiss those OPEC membership and P5/liter pump price dreams goodbye because the Philippines isn’t a “has been” but rather a “never was”.
Category: Oil, Oil Price
