Monday, November 30, 2009

Exxon Mobil @ Sulu Sea exploration drilling project

I saw over the news the exploration drilling project being made by EXXON MOBIL in our Sulu Sea. First drilling amounted to 5 billion pesos and succeeding drillings are estimated to cost the same. Department of Energy (DOE) estimated 750 million to 1 billion barrels of oil are estimated to uncover enough to augment the oil needs of the Philippines for 7 years. Government has nothing to spend on this project but likewise benefit (taxes and percentages) from said exploration drilling project once the deposit is confirmed.

Such good news for every Filipino especially if said project turns out positive. Let us just hope and pray that many Filipinos will benefit from it and not just few ones.


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