TOL seeks to tap oil deposits from Talampas ng Pilipinas
SENATE Majority Leader Francis ‘Tol’ Tolentino has filed Senate Bill No. 2995, which seeks to create the Talampas ng Pilipinas Oil Corporation (TPOC).
“Creating the TPOC is the first step towards reducing our country’s dependence on costly imported fuel, and building our own upstream oil industry. We can harness the Talampas ng Pilipinas to help provide our energy and development needs,” Tolentino said.
“This vast, untapped and unexplored region will be the hope for our country’s perennial energy deficit,” added the senator, referring to the resource-rich region, whose map was officially deposited by the Philippines to the records of the International Seabed Authority last March 27.
“Compared to the Malampaya gas field [in Palawan], the ‘Talampas’ is far larger and richer in resources. It consists of 24 million hectares of undersea features, including a 13.5-million hectare outer section,” he noted.
In his explanatory note to SB 2995, Tolentino provided a snapshot of the state of the country’s oil sector, as follows: PH imports approximately 170 million barrels of crude and petroleum products annually to meet its energy requirements; PH’s major suppliers include Saudi Arabia (est. 80 million barrels) and Kuwait (40 million barrels); and The rest of PH’s imports come from neighboring Malaysia and Indonesia (collectively, 30 million barrels), and Russia (20 million barrels).
Amid its huge oil requirement, Tolentino noted that domestic crude production remains modest, averaging only around 23,000 barrels per day.
