New Source of Oil & Gas Field Found in Alegria, Cebu

The Philippines will soon to have a new source of oil and gas field under the administration of Pres. Rody Duterte after the Department of Energy (DOE) declared the Alegria Oil Field in Southern Cebu particularly in the town of Alegria was discovered as a commercial source of gas and oil, and will soon be tapped for resources.

According to DOE Secretary Alfonso Cusi he already signed the Joint Declaration of 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.

The exploration and drilling on the oil field by the service contractor started in 2009, but it was only in 2016 that the DOE and CIMP Co. Ltd., jointly established that the oild field contained commercial quantities of natural gas upon its discovery of oil accumulation in the adjacent hydrocarbon traps within the Alegria underground area.

There is an estimated 27.93 million barrels of oil (MMBO) with a possible production recovery of 3.35 MMBO or a conservative estimate of 12 percent of total oil in place/reserves in the oil field. Meanwhile, about 9.42 billion cubic feet (bcf) natural gas reserves were found, with the recoverable resource estimated at 6.6 bcf or about 70 percent of total natural gas in place/reserves.

The natural gas and oil production of the Alegria field in Southern Cebu may last until 2037 according to the assessment of the DOE and the Chinese oil company.

The discovery of the gas and oil field in Alegria is a welcome development for the Philippines under Pres. Duterte, as the country’s current source of natural gas (Malampaya deepwater gas-to-power project) seen to run out by 2024, this new project on Alegria Oil Field is just in time to provide the country a source for oil and gas.

Source: PNA

New Source of Oil & Gas Field Found in Alegria, Cebu New Source of Oil & Gas Field Found in Alegria, Cebu Reviewed by Phil Newsome on March 22, 2018 Rating: 5
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