Author Topic: Oil Drilling in Bohol will cost US$11 Million  (Read 708 times)

pioneer

  • To God be the glory alone
  • FOUNDER
  • GURU
  • *****
  • Posts: 18911
  • stay at home
    • View Profile
    • spiritual preparation
Oil Drilling in Bohol will cost US$11 Million
« on: August 13, 2007, 10:42:13 AM »
By Kit Bagaipo
The Bohol Chronicle


Drilling of oil deposits near Cabilao Island in Loon town is scheduled to start anytime soon within the next two years.

Meanwhile, groups opposed to the project are urging local officials to ensure that the stake of the province in the offshore oil field be secured and protected.

The presence of commercially and economically viable petroleum resources between Bohol and Cebu was finally confirmed by the DoE and Otto Energy Ltd., the Australia-based company contracted by the Philippine government to explore oil and natural gas deposits at the Visayan basin and offshore Palawan.

In an advisory given to the DoE by Otto Energy, the latter reported that it is raising $11.02 million to fund the oil drilling off Cabilao Island including the Argao, Cebu side.

The advisory likewise drew concerns and skepticism from the tourism sector that the Australian firm is just using the results of the seismic exploration to raise funds while Otto Energy secured the exploration contract with the DoE even without the much-needed financial resources.

Groups opposed to the project are now lobbying for the Sangguniang Panlalawigan (SP) to adopt, by way of legislation, an ordinance or resolution declaring the oil field as part of Bohol's administrative territory.

Otto Energy owns and controls NorAsian Energy Ltd., which conducted the controversial seismic survey at the Bohol-Cebu seas last June.

Although the drilling was set to start earlier, Otto Energy revised its drilling program after completing the seismic exploration here.

The DoE has likewise approved the revised exploration work programs giving the Australian energy firm until March 2009 to drill the first wells at the Bohol-Cebu seas.

By August 2009, Otto Energy will commence drilling for the Marantao prospect in offshore Palawan.

These deadlines, Otto Energy's advisory stated, are in line with recent developments in the company's overall exploration program, particularly the completion of its seismic surveys over Service Contract (SC) 50 at Calauit oil field, SC 51 Argao-Cabilao and SC 55.

To fund the oil drilling on these three Philippine service contracts, Otto Energy will be issuing an additional 36.73 million shares of stocks.

Deposits in the Argao and Cabilao area are confirmed to contain up to 270 million barrels (MMbbls) of recoverable oil in conventional sandstone reservoirs, Otto Energy's report stated.

Linkback: https://tubagbohol.mikeligalig.com/index.php?topic=3326.0
Romans 10:9
"That if you shall confess with your mouth the Lord Jesus, and shall believe in your heart that God has raised him from the dead, you shall be saved."
👇👇👇
Na-try mo na ba yung Tala app? Reliable sa unexpected expenses at laking tulong sa future! Use this code 9SO1TSL or visit www.tala.com to sign up!

unionbank online loan application low interest, credit card, easy and fast approval

Tags: