DOE Discovers New Source Of Oil In Southern Cebu
The Department of Energy (DOE) discovered a new source of commercial oil and gas in Southern Cebu after over nine years of exploration and drilling.
The Algeria Oil Field in Southern Cebu has been declared by DOE as a new commercial source of oil and gas and soon will be used for resources.
In 2009, the service contractor has started the drilling and exploration on the oil field, but the Joint Declaration of Commerciality (JDC) for the Petroleum Service Contract (SC) 49 with of China International Mining Petroleum Co. Limited (CIMP Co. Ltd) on the Alegria oil Field has been only signed recently.
DOE and CIMP Co. Ltd. established that the oil field contains a commercial amount of natural gas after it was discovered in 2016.
The oilfield also allegedly contains a reserved oil of about 27.93 million barrels of oil (MMBO) that could produce 3.35 MMBO.
The new source of oil was reportedly containing a reserve of about 9.42 billion cubic feet (bcf) natural gas.
The (–foul word(s) removed–)sment shows that the natural gas and oil in the oil field might last until 2037.
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