Companies / Philippines
The Driller In Manila
February 2007 | Industry NewsExploration activity in the Philippines is taking off during 2007 and is expected to be intense until 2009, according to the country's Energy Secretary Raphael Lotilla. Several oil and gas prospects containing proven reserves, which were capped during the 1970s and 1980s when the price of crude was too low to make extraction commercially viable, have now, in a climate of sustained high crude prices, become economically feasible. This has attracted growing interest on the part of local and foreign companies, keen to tap into under-explored acreage in the country. The Philippines' proven oil reserves of an estimated 175mn barrels
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