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