Next Dubai? One trillion dollars worth of gas found in Mindanao

70

Several days after the Alegria Oil and Gas Fields officially opened for commercial news, another potential oil field has gone viral on social media because it might make the Philippines $1-T richer.

Like the Alegria Oil Fields, the Liguasan Marsh located in Maguindanao has been discovered to be rich in natural gas.

In the video that they posted, they claimed that according to the survey conducted by the experts, its estimated that the marsh has a deposit of 583 Billion barrels of oil which worth 1 trillion U.S dollars.

According to the video posted by Liguasan Marsh Facebook page, the oil was only discovered accidentally by the locals who are looking for the source of fresh water.

When the locals dig for water, they discovered that the water coming out is igniting, an evidence that there’s a gas beneath the marsh.

Now the locals are enjoying the gas supply for free.

The government already planned to dig the oil field several years ago, however, it was suspended by the Aquino administration after they followed the request by the Moro Islamic Liberation Front (MILF) to forbid any bidding or contract until they’re still not yet done in negotiating the wealth-sharing under the Bangsamoro.

Under the Petroleum Act, the government stands to earn about 60 percent in royalties from extraction activities.

During the Duterte administration, Energy Secretary Alfonso Cusi seek the help of Saudi Arabia to help the Philippines in exploring the gas reserves in Liguasan Marsh.

You can watch the video below.

Facebook Comments