Exxon Mobil welcomed in oil/gas search
Friday, February 09, 2007
By MYRNA M. VELASCO
The Department of Energy (DoE) is euphoric at prospects that multinational oil giant Exxon Mobil may just soon be the newest entrant in oil and gas development opportunities in the country.
"If Exxon Mobil will be coming in, it will be the second major oil company, aside from Shell to look into our oil and gas investment prospects," Energy Secretary Raphael P.M. Lotilla said.
The energy chief said he is not ready yet to divulge the exact oil and gas block that the world’s oil giant has shown interest to explore and develop should reserves yield positive results.
Exxon Mobil has just reported an all-time high income of nearly billion for 2006. For its colossal investible resources, the Philippines is feeling lucky if the US oil firm would consider coming back for new round of investments.
The energy chief is taking high hopes that Exxon Mobil’s re-entry in the Philippine market would give a boost to the government’s ambitious goal of clinching another large-scale oil and gas discovery, similar to that of the Malampaya, or even bigger prospect that could match the level of commercial production already achieved by its big-time neighbors in the Southeast Asian region.
posted by philpower @ 8:53 AM,
