Former Department of Finance undersecretary Cielo
Magno revealed in her recent visit in Cebu that the natural gas in the West Philippine Sea(WPS) is
equivalent to four Malampaya Gas Fields.
Citing 2021 data from the Department of Energy
(DOE), said the West Philippine Sea has an estimated
6.203 billion barrels of total oil resources and 12.158 trillion
cubic feet of total gas resources.
“The natural gas in the West Philippine Sea is
equivalent to four Malampaya Gas Fields — that means the
natural gas in this one is sufficient to support the demand of
energy sa buong Pilipinas (in the whole Philippines),” she
stressed.
According to the DOE, the Malampaya gas field
has proven reserves of 2.7 trillion cubic feet (TCF) of gas to
3.2 TCF, of which more than one TCF was already
consumed.
“The West Philippine Sea is an energy lifeline,”
Magno insisted.
Magno was here in Cebu to launch the Atin Ito
Coalition- West Philippine Sea caravan as the Philippines’
celebrate its 10th anniversary on in its victory in the arbitral
ruling.
The Malampaya Deep Water provides up to 40%
of the Luzon region ‘s energy needs since its inception in
2001.
The Philippines has been importing 95-98% of its
oil from the Middle East and the 2% remaining comes from
Malaysia and Brunei.
Aside from gas, Magno , WPS provides 27% of
the country’s industrial fishing supply to almost 2 million
Filipinos.
Jay Tarriela, the spokesperson of the Philippine
Coast Guard (PCG) maintains that the Philippines has its
exclusive rights to explore, exploit, and conserve resources
on the West Philippine Sea.
Recently, China has proposed a joint venture with
the Philippines on oil exploration.
Last March, President Ferdinand Marcos Jr.
announced that the country could restart and improve ties
with Beijing to pursue joint energy exploration in the West
Philippine Sea.
Magno and Tarriela together with Akbayan President
Rafaela David and Political Analyst Ronald Llamas were in
Cebu launching the Atin Ito Coalition-Cebu. (By RICO
MIRASOL OSMEÑA)
