Duterte, Cusi inaugurate Cebu oil field commercial production 

President Duterte and Energy Secretary Alfonso G. Cusi graced the ceremonial commencement of the oil and gas production of the Alegria Oilfield in Southern Cebu last Saturday.

The Alegria Oil field is currently operated by China International Mining Petroleum Co. Ltd. (CIMP), with its partners Skywealth Group Holdings Ltd. and Phil-Mal Energy International Inc. in a $8.563-million investment under Service Contract  49. With this development, Cusi urged more investors in the oil and gas industry to develop the country’s energy resources.

“More oil-exploration activities in the country will boost economic activities and generate jobs for more Filipinos,” Cusi said. The energy chief added this milestone is a proud moment for all Filipinos. The Alegria Oil field serves as a major breakthrough in the Philippine oil and gas industry.

The Department of Energy monitors the six exploration wells drilled by CIMP and its partners with its first well in October 2014 until the completion of its sixth well in March 2018.

The six exploration wells resulted in the discovery of oil and gas resources with potential commercial quantities of 27.93 million barrels of oil and 9.42 billion cubic feet  of gas, respectively. For 2018 CIMP has programmed to drill three additional development wells.

The Alegria Oil field covers a total area of 197,000 hectares, with about 42,749 hectares devoted to the production area.

 

Infolinks leaderboard
House Manila Leaderboard
ECA 728×90 Leaderboard
Suntrust banner2

LEAVE A REPLY

Please enter your comment!
Please enter your name here