PGMA: RP a step closer to realizing its vision of energy independence

MANILA, Oct. 13 (PNA) -- With oil finally flowing from the Galoc oilfield off northwest Palawan, the Philippines has moved a step closer to realizing its vision of achieving energy independence, President Gloria Macapagal-Arroyo said today.

At the Business Roundtable with the government at the Dusit Thani Hotel in Makati City this morning, the President told around 150 local and foreign business leaders that the Galoc oil field started producing yesterday the first commercially-viable gasoline-crude oil find in the country.

“Yesterday (Thursday Oct. 9) our new Galoc oil field started pumping oil to what we believe will double our crude oil production in our country,” she said.

The production of the Galoc fields is projected to be about 17,000-20,000 barrels of crude oil a day for the first 90 days or until the end of the year and make a big dent on the country’s annual oil import bill of 6 billion dollars.

This production figure will account for about six percent of the country’s total daily demand of 300,000 barrels.

President Arroyo said the fresh oil extraction is a big boost to her administration's program to achieve energy independence through the exploration, extraction and use of crude oil, geothermal, biofuels and other forms of renewable energy.

The new oil find, she said, has increased the country's energy independence from 41 percent in 2001 to 58 percent, the “the highest in our history.”

“And with the Galoc oil field starting its production yesterday, we expect to attain 60 percent energy independence in two years,” the President said.

On Thursday, the Galoc oil field started producing light medium crude oil, with a potential high yield of light ends, such as gasoline.

Initial exploration results show that the Galoc fields have reserves containing at least 10 to 20 million barrels.