PGMA's Statement to announce the discovery of Natural Gas in Victoria, Tarlac by the Philippine National Oil Company (PNOC) |
Reception Hall, Malacanang (12 Feb 2002) |
| I'M HAPPY TO
ANNOUNCE THAT THE PHILIPPINE NATIONAL OIL COMPANY CONSORTIUM DRILLING FOR PETROLEUM IN VICTORIA, TARLAC SUCCESSFULLY PLOWED OUT NATURAL GAS AFTER TWO MONTHS OF DRILLING. THE INDIGENOUS FUEL FIND CALLED THE VICTORIA 3 WAS SPOTTED LAST DECEMBER 1st 2001 AND DRILLED TO A TOTAL DEPTH OF 9,000 FEET. NATURAL GAS FLOWED AND FLARED AT THE DEPTH OF BETWEEN 5,175 AND 5,505 FEET. THE WELL HAS CONTINUOUSLY BEEN FLOWING SINCE FRIDAY, FEBRUARY 8, 2002. WHILE THE TOTAL VOLUME OF THE POTENTIAL GAS RESERVES HAS YET TO BE FULLY DETERMINED PENDING THE CONDUCT OF FURTHER EVALUATION TESTS AND DRILLING OPERATIONS BY OUR PNOC CONSORTIUM, I AM OPTIMISTIC THAT THIS LATEST DISCOVERY WILL ACT AS A CATALYST THAT WILL SPUR EXPLORATION AND DRILLING OPERATIONS IN THE AREA AND EVENTUALLY GENERATE ECONOMIC ACTIVITIES IN WHAT IS CONSIDERED TO BE A BASIC AGRICULTURAL REGION. THIS NEW NATURAL GAS FIND MAY PROVIDE ADDITIONAL ENERGY SOURCE FOR THE COUNTRY. IT IS ALSO A GOOD INDICATION OF THE PROSPECTS OF CENTRAL LUZON NOT ONLY AS A RICE PRODUCING REGION BUT ALSO AS A PETROLEUM BASIN. THE GAS FIND IS NESTLED IN THE FOOTHILLS OF THE MAGNIFICENT MOUNT ARAYAT IN CENTRAL LUZON. I BELIEVE THAT THIS FIND WILL GENERATE MUCH INTEREST FROM EXPLORATION AND POWER COMPANIES. I THEREFORE CALL ON FILIPINO AND FOREIGN COMPANIES WITH EXPERTISE IN THIS SECTOR TO TIE UP WITH PNOC-EDC AND PNOC-EC TO FULLY DEVELOP THIS GAS POTENTIAL FURTHER. MUCH HAS BEEN SAID ABOUT INCREASING ECONOMIC ACTIVITIES IN SOUTHERN LUZON, I BELIEVE IT'S ABOUT TIME THAT WE FURTHER DEVELOP CENTRAL LUZON AS WE INTRODUCE A NEW INDUSTRY -- THE NATURAL GAS INDUSTRY. THANK YOU. |