The government unveiled a plan to drill more oil and natural gas wells to boost local production and reduce reliance
More oil and gas drillings are expected under the Department of Energy’s proposed Philippine Energy Plan for 2023 to 2050 that would bring local production to 4.6 trillion cubic feet of natural gas and 42.14 million barrels of crude oil by 2050.It calls for the drilling of at least two oil and one gas field prospects in the short term that would expand the country’s potential resources by 4.5 million to 15 million barrels of oil and 217 billion cubic feet of gas.
The DOE said that for the medium term, it is looking at increasing potential resources with additional 8.77 to 19.23 MMB of oil and 2.6 TCF of gas prospects from the development of two oil and four gas fields. This is expected to lead to actual production of around 15.9 MMB of oil and 522.4 BCF of natural gas in the medium term.
The drillings are estimated to produce 42.14 MMB of crude oil and 4.6 TCF of natural gas in the long term. Data from the DOE show there are 17 active petroleum service contracts in the Philippines, including 11 in the exploration phase and six in the production phase.
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