The Possible Economic Impact of Philippine Multi-Trillion Oil and Gas Reserves.
Accordingly, the nation holds a staggering $26.3 trillion worth of untapped oil deposits, located within the country’s 200-mile Exclusive Economic Zone. The vast oil reserves of the Philippines are found in various parts of the archipelago, specifically the Reed Bank, the largest of them all, and the Mischief Reef in the Spratly Islands.
According to a report by the U.S. Geological Survey and China’s Ministry of Geology and Mineral Resources, the oil deposits on Spratlys Island could reach 17.1 billion barrels.
With the recent discovery of oil reserves in the Sulou, particularly within the Celebes Sea. The amount of hydrocarbon deposits in the country could be more than $26.3 trillion, more than the 13 billion barrels of oil deposits of Kuwait, one of the world’s top oil producers.
The U.S. Energy Information Agency, estimates that the South China Sea holds about 190 trillion cubic feet of natural gas, and 11 billion barrels of oil, in proved and probable reserves. Most of which lie along the margins of the South China Sea, rather than under disputed islets and reefs.
While the U.S. Geological Survey in 2012, estimated that there could be another 160 trillion cubic feet of natural gas, and 12 billion barrels of oil undiscovered in the South China Sea. Beijing’s estimates for hydrocarbon resources under the sea are considerably higher, but still modest in relation to China’s overall demand— were the country’s oil consumption in 2018 is expected to top 12.8 million barrels per day.
This year, the Washington-based Asia Maritime Transparency Initiative reported that several countries are pursuing new oil and gas development projects in those contested waters, which, the organization notes, could become a flashpoint in the disputes.
Between 2018 and 2021, there were numerous standoffs between China, Vietnam, the Philippines, and other Southeast Asian countries over drilling operations in disputed area of South China Sea, and fears are building that even more severe confrontations lie ahead.
Fresh conflicts in the South China Sea may arise as claimants – excluding the Philippines – push ahead with oil and gas projects in areas Beijing claims, according to a new report. Data from US-based Asia Maritime Transparency Initiative, detailed claimants’ new offshore projects, many of which lie inside China's sweeping nine-dash line claim, including sites where confrontations previously took place.
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Accordingly, the nation holds a staggering $26.3 trillion worth of untapped oil deposits, located within the country’s 200-mile Exclusive Economic Zone. The vast oil reserves of the Philippines are found in various parts of the archipelago, specifically the Reed Bank, the largest of them all, and the Mischief Reef in the Spratly Islands.
According to a report by the U.S. Geological Survey and China’s Ministry of Geology and Mineral Resources, the oil deposits on Spratlys Island could reach 17.1 billion barrels.
With the recent discovery of oil reserves in the Sulou, particularly within the Celebes Sea. The amount of hydrocarbon deposits in the country could be more than $26.3 trillion, more than the 13 billion barrels of oil deposits of Kuwait, one of the world’s top oil producers.
The U.S. Energy Information Agency, estimates that the South China Sea holds about 190 trillion cubic feet of natural gas, and 11 billion barrels of oil, in proved and probable reserves. Most of which lie along the margins of the South China Sea, rather than under disputed islets and reefs.
While the U.S. Geological Survey in 2012, estimated that there could be another 160 trillion cubic feet of natural gas, and 12 billion barrels of oil undiscovered in the South China Sea. Beijing’s estimates for hydrocarbon resources under the sea are considerably higher, but still modest in relation to China’s overall demand— were the country’s oil consumption in 2018 is expected to top 12.8 million barrels per day.
This year, the Washington-based Asia Maritime Transparency Initiative reported that several countries are pursuing new oil and gas development projects in those contested waters, which, the organization notes, could become a flashpoint in the disputes.
Between 2018 and 2021, there were numerous standoffs between China, Vietnam, the Philippines, and other Southeast Asian countries over drilling operations in disputed area of South China Sea, and fears are building that even more severe confrontations lie ahead.
Fresh conflicts in the South China Sea may arise as claimants – excluding the Philippines – push ahead with oil and gas projects in areas Beijing claims, according to a new report. Data from US-based Asia Maritime Transparency Initiative, detailed claimants’ new offshore projects, many of which lie inside China's sweeping nine-dash line claim, including sites where confrontations previously took place.
Join this channel to get access to perks:
/ @aseananalytics