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Manila Bulletin devider Philippines devider National devider Gatchalian wants inquiry into WPS oil potential

Gatchalian wants inquiry into WPS oil potential

Published Oct 16, 2022 06:59 pm

Amid the rapidly increasing prices of oil products, Senator Win Gatchalian wants the Senate to probe the oil and gas potential in the West Philippine Sea (WPS).

READ: https://mb.com.ph/2022/10/08/p5-80-p6-20-liter-hike-in-diesel-prices-by-oct-11/#close

“Given persistent global energy shocks, it is important for us to ascertain the oil and gas potential in the West Philippine Sea for the country to have some level of stability and protection from the tumultuous geopolitical conflict in foreign countries that has severely impacted local energy prices,” Gatchalian said on Sunday, Oct. 16.

Thus, he filed a resolution which urges the Senate to launch an inquiry in aid of legislation into the WPS oil potential, exploration, development, and the utilization of said oil reserves.

Specifically, Gatchalian wants to address the country’s oil dependency.

“The lack of oil and gas exploration and as a result of the lack of indigenous oil and gas have contributed to the country’s import dependence with 98% of petroleum products imported as of 2021 and lack of energy self-sufficiency,” Gatchalian noted. In fact, the country’s energy self-sufficiency has gone down from 61.4% in 2011 to 51.15% in 2021,” he added.

Figures from the Department of Energy (DOE) show that there are about 6.203 million barrels of oil resources in the WPS, and about 12.158 billion cubic feet in gas resources as of 2021, Gatchalian cited in his statement.

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