Thursday, September 25, 2008

Oil Discovery in the Philippines

While reading the news from the internet I saw a news regarding a new discoveries in the Philiipines. A litle bit happy since it's all about Oil and it was tittle Tittle "Nido's Philippines well flows crude". When I was in my homeland and working as Territory Specialist in one of Oil companies Philippine based I already heared about this company "NIDO Philippines" which started drilling in the Philiipines since 1976.

And Last 23 Sept. 2008 Nido Petroleum Ltd, the Australian explorer focusing on the Philippines, confirmed it made a discovery at the Yakal-1 well, the first oil-find in the southeast Asian nation in 14 years.

Actually oil and natural gas discovery is not new in the Philiipines since Shell was already pumping a natrural gas in the Philippines since September 2001 at the Malampalaya Gas Field located 80km off the coast of Palawan Island.

The Philippine Petroleum Resource Assessment Project developed a petroleum resource classification system and established an inventory of Philippine petroleum resources.
The results showed that the country’s total risked petroleum resources is about nine billion barrels fuel oil equivalent (bfoe). More than half of these or about five billion bfoe is estimated to occur in the offshore West

Palawan and Sulu Sea regions.

(9 Billion bfoe)
Gas 57% , Condensate 2% , Oil 41%


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Anonymous said...

i hope all these goes to help the Philippines go progress.

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