Philippine
untapped oil deposits estimated at $26.3 trillion
By
Ben Cal
MANILA,
Philippines- The Philippines is virtually “sitting on a mountain of gold,” with
untapped hydrocarbon deposits estimated at $26.3 trillion, mostly found in the
disputed Spratly chain of islands, more than enough to free the country from
the shackles of poverty. The oil deposits have been there for decades, yet they
have remained untouched if at all a thousand barrels of production a day. This
is sad because the this natural resources could have been tapped for the
country economic development.
Retired
Brig. Gen. Eldon G. Nemenzo, a pilot and former deputy commander of the 3rd Air
Division of the Philippine Air Force (PAF) based in Zamboanga City, made a
thorough research as his thesis when he took the advanced course at the Command
and Staff College of the PAF in Villamor Air Base, Pasay City when he was still
in the active service.
He
is that the vast oil reserves of the Philippines found in various parts of the
archipelago, specifically the Reed Bank, the largest of them all, and the
Mischief Reef in the Spratly Islands called by the Philippines as the Kalayaan
Island Group (KIG).
“The
Philippines is like a blind beggar sitting on a mountain of gold. Within the
country’s 200-mile Exclu¬sive Economic Zone (EEZ) are potential recoverable
hydrocarbon deposits worth an estimated US$26.3 trillion. More than enough to
lift the country from the centuries long morass of poverty and
underdevelopment,” Nemenzo said.
The
huge untapped oil deposits have in the country may have attracted other nations
like China and the United States to this God-given mineral. In fact China has
been aggressive constructing infrastructures in the Spratly apparently to lay
claim on these contested chain of islands claimed by the Philippines, Brunei,
Malaysia and Vietnam.
Chinese
Coast Guard ships have been trying to intercept Philippine Navy ships carrying
supplies for Filipino troops stationed on board a dilapidated World War II ship
in the middle of the sea waters of the Spratly.
Nemenzo
found out that the amount of hydrocarbon deposits in the country could be more
than $26.3 trillion following the recent discovery of oil reserves in the
Sulu-Celebes Sea which is within Philippine territory.
“But
no sensible foreign investor would come in, because the government cannot
guarantee a climate of security to underwrite their invest¬ments,” he pointed
out.
The
data Nemenzo gathered was supported by findings from other sources, including a
report by China’s Ministry of Geology and Mineral Resources, that the oil
deposits in the Spratlys could reach 17.1 billion barrels.
This
is more than the 13 billion barrels of oil deposits of Kuwait, one of the
world’s top oil producers.
The
Spratly issue has become a flashpoint following the discovery of oil underneath
the sea in the ‘70s.
Tension
has bubbled anew be¬tween the Philippines and China when Chinese fishing
vessels were spotted at the Scarborough or Pana¬tag Shoal in the West
Philippine Sea early this month.
The
Philippines is claiming own¬ership of the Spratly islands, along with China,
Taiwan, Brunei, Malaysia, and Vietnam.
In 1978, President Ferdinand E. Marcos issued Presidential Decree 1596 incorporating some islands of the Kalayaan to strengthen Philip¬pine claim over these mineral-rich islands.
In 1978, President Ferdinand E. Marcos issued Presidential Decree 1596 incorporating some islands of the Kalayaan to strengthen Philip¬pine claim over these mineral-rich islands.
Aside
from oil, natural gas, min¬erals and polymetals such as gold, silver, iron and
nickel are found under the sea - the Spratly is a rich fishing ground.
During
the interview, Nemenzo stressed the need to modernize the Armed Forces of the
Philippines (AFP), particularly by acquiring multi-role fighters (MRF) to defend
the country’s airspace and sea lanes.
He
also cited the need for Filipino technocrats to be at the forefront as managers
in running business con¬glomerates entered into between the Philippines and
foreign companies drilling for oil in the Philippines.
“We
should not be left in the dark in managing our resources,” Nem¬enzo said.
Last
April 8, eight Chinese fishing vessels were spotted by Philippine Navy ships
anchored inside the Bajo de Masinloc (Panatag Shoal).
The
Department of Foreign Affairs (DFA) insists that Bajo de Masinloc “is an
integral part of the Philippine territory. It is part of the Municipality of
Masinloc, Province of Zambales. It is located 124 nautical miles west of
Zambales and is within the 200 nautical-mile Exclusive Economic Zone (EEZ) and
Philippine Continental Shelf.”
Bajo
de Masinloc's chain of reefs and rocks is about 124 nautical miles from the
nearest coast of Luzon and 472 NM from the nearest coast of China. It is also
also within the 200 nautical-mile Exclusive Economic Zone and 200 NM
Continental Shelf of the Philippines.
One
of the earliest known and most accurate maps of the area, named Carta
Hydrographical y Chorographica De Las Yslas Filipinas by Fr. Pedro Murillo
Velarde, S.J., and published in 1734, included Bajo de Masinloc as part of
Zam¬bales, according to the DFA.
In
1792, another map drawn by the Alejandro Malaspina expedition and published in
1808 in Madrid, Spain, also showed Bajo de Masin¬loc as part of Philippine
territory,” it said. “This map showed the route of the Malaspina expedition to
and around the shoal. It was reproduced in the Atlas of the 1939 Philippine
Census.”
“The
Mapa General, Islas Filipi¬nas, Observatorio de Manila pub¬lished in 1990 by
the US Coast and Geodetic Survey, also included Bajo de Masinloc as part of the
Philippines,” the Department of foreign Affairs (DFA) said.
At
this point in time, it is tragic to note that the Philippines has a weak Air
Force and Navy. It may be recalled that shortly after World War II until the
.70s, the Philippine Air Force was second to none in terms of firepower with
squadrons of F-5s, F-86, F-8 supersonic fighter planes ready to intercept. But
twist of events, the PAF has no single jet fighter since 2005. The same awkward
position is being experienced by the Philippine Navy, no modern warship or a
missile gunboat to speak of.
It
is time to modernize our defense capability now not tomorrow because we are
left behind in our defense modernization.
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