exxon mobil in the phillipines

Komfie Manalo - AHN News Writer

Traditionally Shell territory but it looks like Exxon Mobil have the jump on the other big ones. Farm ins to speed up Marantao and Calluit?

Manila, Philippines (AHN) - Philippine energy secretary Angelo Reyes on Tuesday announced that the Galoc oil field in offshore northwest Palawan in central Philippines, will begin producing oil on June 16 to ease at least 10 percent of local oil demand.

Once operational, the Galoc oil field, developed by the Galoc Production Co (GPC), is expected to produce 17,000 to 20,000 barrels of oil per day, which accounts to at least 10 percent of local oil demand, Reyes said.

With the latest development, the energy secretary adds oil giant Exxon Mobil, has expressed interest in further developing oil and gas in the region.

He said Exxon officials will arrive next week to make a courtesy call to President Gloria Macapagal-Arroyo and present its investment interests.