British Energy Company Seeks to Explore $2.3-Billion Oil, Gas Project in Sulu

The island of Sulu in Mindanao is often neglected by investors but not this time under the administration of Pres. Rody Duterte as they  announced that a British-owned energy company has expressed interest in exploring a possible natural gas and oil reserve in the high seas of the island Municipality of Lugus, Sulu.

The reported possibility of a British-owned energy company exploring in Sulu was confirmed by Lugus Mayor Hadir Hajirias he named the British company, Energy World International (EWI), headed by Graham Elliot. The world-renowned company wanted to explore the presence of the natural wealth in Sulu.

According to Mayor Hajiri, no less than Mindanao Development Authority Secretary Emmanuel Piñol has expressed his “all-out support and approval to the project.”

The reserve is estimated at staggering $2.3 billion. Former Agriculture Secretary Manny Piñol said "our country, specifically, Mindanao, needs more power in the future to help solve our perennial oil problem,"

To confirmed the reported $2.3 billion worth of business deals, a memorandum of understanding was signed by Elliot and Hajiri with Mindanao Development Authority (MinDa) Chief Manny Piñol and Lt. Gen. Cirilito Sobejana of the Western Mindanao Command as witnesses.

The British company is partnering with a local firm, Hadar and Medzar Oil and Gas Corp., to come up with “a world class oil and natural gas production and export facilities, which will supply clean and economical natural gas throughout the country’s islands for power generation, industrial, residential and commercial use.”

The Lugus Island town is believed to have a huge reserve of gas. Experts had detected oil in some of the existing wells in the Sulu Sea.

MinDa Chief Piñol confirmed that according to EWI investors, the project is expected to generate a minimum of 2,000 jobs. The British firm already established gas fields and power plants in Australia, Indonesia, and coastal Pagbilao town in Quezon Province.

Source: The Manila Times

British Energy Company Seeks to Explore $2.3-Billion Oil, Gas Project in Sulu British Energy Company Seeks to Explore $2.3-Billion Oil, Gas Project in Sulu Reviewed by Phil Newsome on December 30, 2019 Rating: 5
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