Department of Energy (DOE) Secretary, Angelo Reyes, said that Philippine Oil production will reach roughly 30,000 barrels of oil a day once Galoc Oil Field, off the coast of Palawan, goes online next week (June 16).
(DOE Sec Angelo) Reyes said the oil well is expected to produce anywhere between 17,000 to 20,000 barrels of oil per day. The Galoc production, combined with the current oil production in other wells in the country, will be over 30,000 barrels of oil per day, accounting for about 10 percent of the country’s daily consumption of over 300,000 barrels per day.[source]
No repeat mention of Galoc Field Oil production hitting a possible < 500,000 barrels a month, or did I misunderstand this earlier report?
It said this would boost its monthly oil production to less than half a million barrels from the present 17,000 barrels per month.[source]
A welcome respite, if it does indeed bring down the price of gasoline by a fraction. Then again, they could always scream “Capital Recovery” and “Rate of Return in Investment” so as to justify the high price of sale. But that’s just me thinking out loud.
I hope though that these developments in Philippine oil production does not deter the far reaching goal to implement biofuels and renewable energy in the country.
Category: Oil, Automotive
