Do you think the Philippine economy will improve should huge oil reserves be found in the country’s offshore areas? I don’t think so.
The huge gas finds in Malampaya area off Palawan is a manifestation to this. Has the prices of liquefied petroleum gas stabilized? No. Because the domestic gas prices are still dictated by international economic developments.
Therefore, what is the use of having these Chinese oil explorers in our midst? I suspect that the Chinese government could be snooping around other than oil exploration itself. Reports surfaced again that the Philippines has inked another agreement with China to explore the Calamian Islands in Palawan for oil.
With these developments, perhaps, the national government through the Philippine National Oil Company, should update the people on what is happening with these oil explorations. Otherwise, it would be just another cool treatment of the Chinese presence in our territorial waters with unexpected consequences later.
What is frustrating about this development is that even if China National Overseas Oil Company has discovered huge oil deposits offshore, it wouldn’t tell us the real truth of the oil finds. I just hope my guess is wrong. Without an advanced technology, I doubt it very much if we can have the capability to re-check the veracity of the Chinese oil exploration report.
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