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    CLINT SHEEN CABIAS
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    Oil exploration began in the Philippines nearly 100 years ago, but significant finds were not made until 1975 under a new service contract system. Two oil fields were subsequently developed, supplying 20% of the country's daily crude needs at their peak. However, by 1995 oil production had declined to just 800 barrels per day, only 0.2% of daily needs. Several factors contributed to the poor performance of the oil sector, primarily a drop in capital market support, and sustained investment is needed for new discoveries. The Philippines petroleum industry was worth $12.5 billion in 2020 and is projected to reach $17.3 billion by 2027, registering a 4.4% CAGR, but domestic reserves are limited and

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    Oil exploration began in the Philippines nearly 100 years ago, but significant finds were not made until 1975 under a new service contract system. Two oil fields were subsequently developed, supplying 20% of the country's daily crude needs at their peak. However, by 1995 oil production had declined to just 800 barrels per day, only 0.2% of daily needs. Several factors contributed to the poor performance of the oil sector, primarily a drop in capital market support, and sustained investment is needed for new discoveries. The Philippines petroleum industry was worth $12.5 billion in 2020 and is projected to reach $17.3 billion by 2027, registering a 4.4% CAGR, but domestic reserves are limited and

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    5 views2 pages

    In The Philippi-WPS Office

    Uploaded by

    CLINT SHEEN CABIAS
    Oil exploration began in the Philippines nearly 100 years ago, but significant finds were not made until 1975 under a new service contract system. Two oil fields were subsequently developed, supplying 20% of the country's daily crude needs at their peak. However, by 1995 oil production had declined to just 800 barrels per day, only 0.2% of daily needs. Several factors contributed to the poor performance of the oil sector, primarily a drop in capital market support, and sustained investment is needed for new discoveries. The Philippines petroleum industry was worth $12.5 billion in 2020 and is projected to reach $17.3 billion by 2027, registering a 4.4% CAGR, but domestic reserves are limited and

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    In the Philippines, oil exploration began nearly 100 years ago, but it was only in 1975, under a

    newly introduced service contract system, when the fist significant oil find was made. With full
    government support, two other oil fields were subsequently put on stream, which, at its peak
    supplied 20% of the national daily crude requirement. In 1995, however, the country's oil production
    dwindled to a dismal 800 bblsbper day, equivalent only to 0.2% of our daily needs. Several factors
    contributed to the current poor performance of the oil sector, foremost among which is the drop in
    financial support from the capital market. Only sustained investment in this capital intensive business
    can lead to the discovery and development of new oil fields.

    The petroleum industry market held a market value of USD 12,518.0 Million in 2020 and is
    forecasted to reach USD 17,292.1 Million by the year 2027 in the Philippines. The market is
    anticipated to register a CAGR of 4.4% during the projected period. Petroleum industry is also known
    as the oil industry. The Country holds 138,500,000 barrels of proven oil reserves as of 2016, ranking
    64th in the world and accounting for about 0.0% of the world's total oil reserves of 1,650,585,140,000
    barrels. Total Oil Reserves are less than even a single year of oil consumption (156,585,000 barrels as
    of 2016), making the Philippines highly dependent on oil imports in order to substain its consumption
    levels. In 2020, 391 thousand barrels of oil was consumed daily. This reflects a 17.5 percent decline
    from the previous year's consumption.
    Milagros V. Reyes, "Philippine Petroleum Industry", 1997. Downloaded at

    https://inis.iaea.org/collection/NCLCollectionStore/_Public/29/036/29036439.pdf

    Philippines Petroleum Industry Market 2021. Published: Dec. 23, 2021 at 6:09 a.m. ET. Downloaded at

    https://www.marketwatch.com/press-release/philippines-petroleum-industry-market-2021---industry-
    demand-share-size-future-trends-plans-growth-opportunities-key-players-application-demand-industry-
    research-report-by-regional-forecast-2030-2021-12-23

    Published by Statista Research Department, Aug 17, 2021. Downloaded at

    https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html

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