They struck gold in Palawan! Black gold that is. This is big news for the energy sector as it will help us decrease our dependency in foreign sourced oil. The oil field is located on the North West part of Palawan, on Galoc.
Palawan has been eyed as source of natural gas. An example of this is the Malampaya natural gas project found 80kms off El Nido. The oil venture in Galoc is a combination of shareholders: Vitol, Otto and Nido.
This will helo the country in its development but I am worried that this may harm the pristine beauty of the region. I do not trust the government on this as they will think first of the profit that they will get from this at the expense of the environment. I am truly anxious for our trip near that area on November. It may be the last time I get to see the place before its demise. I hope and pray that that does not happen.
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