There's a great posibility that the energy problems in the Philippines could be resolve after discovering huge deposits of oil in Cebu.
Based on the announcement of the Australian firm Gas2Grid Limited on their website. The Department of Energy (DOE) acknowledged this year that they've found wealth burried in the mountainous area of Barangay Olango, Aloguinsan as oil discovery.
Burrowing the Depths
Furthermore, the Department of Energy gave the company an additional year to conduct more exploration or excavation in the area to determine if there are other deposits of oil.
Limestone of Miocene era and similar ground deposits can produce prolific oil and gasses. Which can be found in Malampaya and Nido are now unearthed in undergrounds of Cebu and these are;
- Carcar City
- Toledo City
- Naga City
Rigs of Opportunity
The municipality of Aloguinsan looking forward and hoping this can positively help their economic growth. The later discovered oil in Barili, Cebu is also added to its project. Giving way for researchers to determine whether these oil discoveries can be used to trade in the Philippine's market.
Hundreds of Barrels
The DOE and local government promised to ensure the examination to be conducted wouldn't cause any environmental concern.
So far, oil imported from the Middle East are mainly processed in refineries in the Philippines and then distributed locally. Oil products that are too expensive and negatively affecting the economy. If incase, unearthed treasure of Cebu would be a perfect opportunity for every Filipino, though.