Friday, October 10, 2008
Oil started flowing yesterday from the Galoc fields off Palawan which is estimated at around 22,000 barrels a day is the headline in most newspapers and on TV. This is a reallly good news for the Philippines since the prices of Oil in the world market is rising. This will give much ease for the country who is relying mostly on imported crude since we don't have any oil fields until now.
This will surely decrease our needs for imported crude in the future and I hope it will drive the prices of oils in the market lower and more Filipinos will benifit fron this. Hopefully since they found out that there are around 10-20 million barrels reserved on that oil field they will explore more areas in the country that has the same amount or more oil reserves so that we will become exportes of oil in the future.
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