𝐂𝐀𝐏𝐈𝐓𝐎𝐋 𝐖𝐄𝐋𝐂𝐎𝐌𝐄𝐒 𝐑𝐄𝐍𝐄𝐖𝐄𝐃 𝐎𝐈𝐋, 𝐆𝐀𝐒 𝐄𝐗𝐏𝐋𝐎𝐑𝐀𝐓𝐈𝐎𝐍 𝐈𝐍 𝐀𝐋𝐄𝐆𝐑𝐈𝐀
The planned revival of oil and gas exploration activities in southern Cebu could bolster the province’s long-term energy security agenda while potentially generating jobs and economic opportunities.
This as the Capitol moves to support renewed investments in the sector, with Governor Pamela Baricuatro welcoming into her office Ibrahim Attereh, Chief Executive Officer of Texcal Energy, the Indonesian-based energy company that is set to start working once again on the Alegria Oil and Gas Field.
“You have come to Cebu at the right time, when the provincial government is open to working with investors in Cebu,” Gov. Baricuatro said during the meeting on Tuesday, May 19, assuring them of the Capitol’s support every step of the way.
Also present were Energy Undesecretary Alessandro Sales and DOE Field Office Visayas Director Renante Sevilla.
Texcal Energy has been granted by President Ferdinand Marcos Jr. the Petroleum Service Contract No. 89 (SC 89) for the redevelopment of the Alegria Oil and Gas Field.
The project seeks to restart operations in the field after three years of dormancy and is expected to help stimulate local economic activity, create employment opportunities, and contribute additional indigenous energy supply for Cebu and the wider Visayas region.
“Mostly we are keen to produce roughly the diesel and sell it locally in the island. The rest of the crude oil which needs more heavier processing will be required to go into a refinery mostly close to Manila or outside the country to ensure that we have the proper products coming of this crude oil,” Attereh said.
Initial estimates indicate that the Alegria field contains around 27.93 million barrels of oil in place, of which approximately 6 million barrels are considered recoverable.
For natural gas, recoverable resources are estimated at 6.6 billion cubic feet, equivalent to nearly 70 percent of the field’s total gas reserves, which were placed at around 9.42 billion cubic feet.
Usec. Sales, an experienced petroleum explorationist with over 40 years of experience in the field, said Cebu is the first province to have extracted oil even during the time of the revolution. He would not be surprised, he said, if Texcal actually finds other energy sources in other parts of Cebu.
Hopefully, with their experience in dealing with crude oil, we can make something work for Cebu,” Usec. Sales said. |𝑪𝑨𝑷𝑰𝑻𝑶𝑳 𝑷𝑰𝑶, 𝑷𝒉𝒐𝒕𝒐𝒔 𝒃𝒚 𝑨𝑹𝑱
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