The discovery of fresh oil just off the coast of Palawan in the Philippines specifically the Galoc Oil Field at 10:45 am today is good news for the Filipinos who are still battling high fuel prices despite the decrease in the price of fuel in the world market. The oil was brought straight to the oil refineries at 11:20 today.The country imports $6 billion worth of oil per year so this discovery is expected to decrease albeit minimally the country's dependence on the oil producing and exporting countries. This discovery, which is expected to produce from 10 to 20 million oil barrels daily which is equivalent to almost 6% of the demand for oil in the country can also spell $1.4 billion worth of savings in foreign exchange for the Philippines.
This is not the first time that oil has been discovered in the Philippines as Shell's Malampaya project discovered oil in the country in January 1992.
