PAGBILAO, Quezon – President Duterte has expressed hope the newfound oil reserve in Cebu province could save the Filipino people from poverty.
“I hope that we can tap more oil. And if we really have it in plenty, then maybe, just maybe in the fullest of God’s time we would have to, we will climb higher,” Duterte said in his speech during the inauguration of the 420-megawatt Pagbilao Unit 3 power project by TeaM Energy Corp. and Aboitiz Power Corp. held here Thursday afternoon.
Duterte was referring to the Alegria Oil Field in Cebu, which he inaugurated on May 19.
The onshore Alegria Oil Field, operated by China International Mining Petroleum Co. Ltd., was expected to boost the country’s energy security and improve Alegria’s economy by generating more jobs.
Mr. Duterte noted that the single commodity missing in the Philippines is oil.
“We sink lower and lower [into poverty] because we do not have that single commodity. But we have it now,” he emphasized.
However, the Alegria Oil Field, which is expected to yield 27.93 million barrels of commercial oil, is considered small and fit only for domestic consumption.
The Department of Energy says domestic demand for petroleum products reached 166.26 million barrels last year from 155.41 million barrels in 2016.
Coal-fired
Duterte thanked the Team Energy and Aboitiz for putting up the power generating facilities that would provide jobs and business opportunities to the Filipino people.
The $976-million Pagbilao unit 3 power project, a coal-fired generating facility and merchant power plant is expected to boost and stabilize energy supply in Luzon, while generating revenues from various taxes for the government in the coming years.