PH holds 26.3-T USD untapped oil deposits


A researched was made by 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, about the Philippines’ untouched oil deposit estimated to reach $26.3 trilion.
The said untapped oil deposits mostly found in  Reed Bank, the largest of them all, and the Mischief Reef in the Spratly Islands or the Kalayaan Island Group (KIG).which could save the Philippines from poverty and become an oil products exporter instead.
“The Philippines is like a blind beggar sitting on a mountain of gold. Within the country’s 200-mile Exclusive Economic Zone (EEZ) are potential recoverable hydrocarbon deposits worth an estimated USD26.3 trillion. This is more than enough to lift the country from the centuries-long morass of poverty and under development,” Nemenzo said.

This natural resources in the Philippines could also attract other nations like US and China, which has been aggressively constructing infrastructures in the Spratlys.

Findings from other sources like China’s Ministry of Geology and Mineral Resources, where oil deposit in the Spratlys could reach 17.1 billion barrels, supports Nemenzo’s gathered data

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