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