The Philippines Department of Energy and privately held China International Mining Petroleum Co. Ltd. have declared an oil and gas discovery on southern Cebu Island commercial.
The Philippines Department of Energy and privately held China International Mining Petroleum Co. Ltd. have declared an oil and gas discovery on southern Cebu Island commercial.
The agency said exploration and drilling at Alegria field, covered by Petroleum Service Contract 49, began in 2009.
It didn’t report past or planned drilling.
It estimated discovery volumes at 27.93 million bbl of oil, 3.35 million bbl recoverable, and 9.42 bcf of natural gas, 6.6 bcf recoverable.