Philippines finds potential gas field

Philippines finds potential gas field

MANILA: Philippine President Gloria Macapagal Arroyo announced on Tuesday a consortium led by a state-owned firm stumbled on a gas field in the country's main island of Luzon.

The Philippine National Oil Co. (PNOC) consortium drilling for petroleum in Victoria, Tarlac province, located 100 km (63 miles) north of Manila, had successfully flowed out natural gas after two months of drilling, Arroyo told a news conference.

"While the total volume of the potential gas reserves has yet to be fully determined...I am optimistic that this latest discovery will act as a catalyst that will spur exploration and drilling operations in the area," Arroyo said.

If natural gas is found at the Victoria-3 site, it would be the second major domestic gas find for the country, which has depended significantly on foreign energy sources.

The Philippines' largest natural gas field at Malampaya -- located offshore north of Palawan island -- has an estimated 2.7 trillion cubic feet of natural gas reserves and 85 million barrels of condensate -- enough to provide 2,700 to 3,000 megawatts of power for more than 20 years. -Reuters