THE potential commercial quantity of the oil discovered in the town of Aloguinsan in southwestern Cebu may help the country in its quest for energy security, according to the Department of Energy (DOE) in the Visayas.
DOE-7 Director Antonio Labios said they are giving the Australian firm Gas2Grid Ltd. one year to determine if the oil they found in barangay Olango, Aloguinsan would be sufficient to help alleviate the energy problem.
Gas2Grid Ltd. started the oil exploration in January 2004, the year it received the DOE鈥檚 service contract to explore what is referred to as the Malolos-1 well.
In a statement released to the press, Labios assured that this development will generate jobs and would not be harmful to the environment.
Aloguinsan Vice Mayor Augustus Cesar Moreno said the oil exploration has been going on in their town for the past 10 years and the residents of Aloguinsan have not objected to or filed a complaint against the activity.
More than 40 Aloguinsan residents are working for the company in their oil exploration activities.
鈥淭his is to our advantage, with the discovery of oil, a lot of investors will come in. A lot of businesses will be put up, a lot of people will be employed,鈥� says Moreno.
Moreno disclosed intermittent oil explorations in the Malolos-1 well have been conducted since 1959 and only Gas2Grid has confirmed the presence of oil in the area.