Gas estimate in Sampaguita find raised by Philex Petroleum
MANILA - The Philippines energy explorer Philex Petroleum Corp has found more gas than previously estimated in the Sampaguita gas find in the Reed Bank, a disputed area of the South China Sea, a development that is likely to fan territorial tension with China.
In a disclosure to the stock exchange on Tuesday, Philex Petroleum said that its unit, Forum Energy Plc, "is expected to show an improvement in the resources previously known" in the Sampaguita gas discovery.
Forum said the report would be shown to the board later this week.
A 2006 study quoted by Forum Energy said the Sampaguita field had a potential of up to 20 trillion cubic feet of natural gas, or more than five times the initial estimates.
The area where gas has been discovered is claimed by both nations. Last year Chinese navy vessels tried to ram one of Forum Energy's survey ships, almost halting its research work.
In July, Manila is expected to award 15 oil and gas exploration contracts for sites in the area. Two of those sites are contested by China.
Amid territorial dispute with China, the Philippines is seeking closer cooperation with the US, which has drawn Chinese condemnation.
Besides the Philippines, China is striving to keep off Vietnam, Brunei, Malaysia and Taiwan across the South China Sea, a region estimated to hold considerable mineral and hydrocarbon resources.
Energy Secretary Jose Rene Almendras said the Philex Petroleum findings could support plans to build a multi-million dollar pipeline from the area to Manila.
"If it's true and it's big, then hopefully the resources will help us face the need for energy in the future," Almendras said in an interview with local TV network ANC.
The Sampaguita gas field is near the Malampaya gas field, with about 2.7 trillion cubic feet of natural gas, and which supplies fuel to three power plants for the main Luzon island
Philex Petroleum shares jumped 17.4 per cent to a record high after the disclosure in trading that was the heaviest in volume since the company was listed last September.
In recent weeks, Philippine and Chinese ships have faced off near the Scarborough Shoal in waters believed to be rich in oil and gas.
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