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Monday, June 18, 2018

New Gas Field In Alegria Cebu Can Boost Economic Growth in the Philippines

Natural Gas, Cebu, Duterte

The discovery of oil in a certain place is a sure sign of economic success later on.

In 2014, huge oil deposits were found in Cebu, and 3 years later, an oil field opened in Alegria. It is expected that the oil well would boost the Philippine economy since at least 300 barrels of oil would be extracted each day.

In a heartfelt opening ceremony of the oil field on May 19 signaled the start of the oil extraction. The quality of the oil may not be on par with those in the Middle East, it would still serve a huge role in the development of the Visayas Region.

A petrochemical complex that would include a refinery and a power plant is also proposed to fully harness the power from this oil field.

There are various criticisms regarding the project because it is a joint venture between the Philippine government and Hong Kong-based China International Mining Petroleum Ltd. Co. (CIMP). It means that the equipment used to drill oil is from CIMP.

But it is made clear that 60% of the revenues will go directly to the Philippine government while the rest goes to CIMP and other subsidiaries.

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