US$116mn For Philippines Exploration

US$116mn is expected to be spent on exploration activity in the Philippines in 2007, according to the country's Department of Energy. Five contractors will drill between eight and 10 exploration wells, a programme which the government hopes will generate substantial discoveries and contribute to the Philippines' drive towards 'energy independence'. 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

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