RP independence from foreign oil will reach 58% -Arroyo
13-OCT-2008 Intellasia | GMA News
Oct 13, 2008 - 7:00:00 AM
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President Gloria Macapagal-Arroyo on Friday said that oil from Palawan will increase the country's independence from imported oil to 58% in 2010.
Arroyo made the project during the Business Roundtable with the government of the Republic of the Philippines at the Dusit Thani Manila hotel in Makati City.
In that forum, she said the extraction of oil from the Galoc oil field Thursday has raised the country's current 41% independence on imported crude to 58%.
"Our new Galoc oil field started pumping oil to what we believe will be double our crude oil production in our country. This is part of what we have done to increase energy independence during our administration from 41% to 58%, the highest in our history," she said.
Greater use of alternative forms of energy like geothermal, biofuels and renewables, in addition to the oil exploration, have all converged to bring the country closer to it goal of being energy independent.
The Philippines officially started to produce oil Thursday morning after the Galoc Oil extracted their first crude product to be known as "Palawan Light" off the northwest shore of Palawan.
The crude was described as "light medium crude oil, with a potential high yield of light ends, such as gasoline".
The Galoc oil field is expected to draw 17,000 to 20,000 barrels of oil per day in the first 90 days of operation.
This is expected to account for six% of the country's daily local demand of 300,000 barrels per day.
The field is expected to yield reserves of up to 10 to 20 million barrels in three to five years.
Executive Secretary Eduardo Ermita said the Galoc oil is expected to translate to a foreign exchange savings of US$1.4 billion during the three to five years of operations of the project.
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