Alegria oil field declared commercial

Philippines Energy Secretary Alfonso Cusi and Chinese company CIMP have jointly declared an oil field in Alegria in southern Cebu to be commercially viable, with reserves of oil and natural gas which could last until 2037.

 

The Department of Energy (DOE) and service contractor China International Mining Petroleum Company (CIMP) signed on the 14th March a Joint Declaration of Commerciality (JDC).

 

In a statement, the DOE said the oil field holds an estimated 27.93 million barrels of oil (MMBO), with a possible production recovery of 3.35 MMBO or a conservative estimate of 12 percent of total oil in place/reserves.

 

For natural gas, about 9.42 billion cubic feet (bcf) reserves were found, with the recoverable resource estimated at 6.6 bcf or about 70 percent of total natural gas in place/reserves.

 

CIMP holds Petroleum Service Contract (SC) No.49, which covers the Alegria oil field.

 

Exploration and drilling activities started in 2009. The Energy department and CIMP jointly established in 2016 that the area holds commercial quantities of natural gas upon its discovery of oil accumulation in the adjacent hydrocarbon traps within the Alegria underground area.

 

The town is located about 112 kilometres south-west of Cebu City. On the 19th December 2017, the DOE approved  CIMP’s development plan for Alegria. Based on the plan, the natural gas and oil production of the field may last until 2037.

 

Source: Energy-pedia