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The discovery of oil in the West Linapacan oilfield off Palawan Island could help boost the struggling Philippine economy. The field has an estimated reserve of 109 million barrels of high-quality crude, and initial output could reach 20,000 barrels per day, equivalent to 10% of the country's yearly petroleum consumption.

Petroleum exploration continues in the Philippines despite shifting commercial policies and the devalued currency. Profits are unsure but Arco Philippines Inc and Alcorn (Production) Philippines continues with their exploration activities. The Philippines is a heavy importer of crude and the energy ministry estimates that about 51 million barrels of oil and 1.4 trillion cubic feet of gas remain untapped in its reserves.

Companies that have long monopolized the Philippine oil market are responding differently to the impending deregulation of the industry by Mar. 1997. The largest refiner, Petron Corp., intends to pursue an expansion program boosted by a robust bottom line while the smallest refiner, Caltex (Philippines) Inc., will abandon its refinery expansion plan but will modernize its existing plant and focus on marketing investment. The Philippine government expects such companies as Mobil Corp., Exxon Corp. and Getty Petroleum Corp. to enter the market when deregulation comes.

Bank buys into Philippine field The International Financial Corp., subsidiary of the World Bank, has taken a 15% interest in the Philippine west Linapacan project to explore for oil off [...]

Australia will provide a grant of $2.14 million to Philippines for a 3 year marine seismic survey project. The joint project will be conducted by the Philippine Office on Energy [...]

BP Petroleum Development Ltd. plans a wildcat on a block off Palawan in the Philippines on a farmout from Crestone Energy Corp., Denver. Under the farmout agreement, BP received from [...]