OIL and gas prospects from 2029 all the way to 2050 could produce 42.14 million barrels of crude oil and 4.6 trillion cubic feet of natural gas, data from the Department of Energy showed.
Based on the oil and gas roadmap, production from 2023 to 2024 would likely reach 1.2MMB crude oil and 220 billion cubic feet of natural gas from additional discovery of at least two oil fields and one gas prospect. Reserves during the period could increase by 4.5MMB to 15MMB of oil and gas to 217BCF.
Under the medium-term scenario, the DOE roadmap showed 15.9MMB of crude oil and 522.4 BCF of natural gas that could be produced from 2025 to 2028. During those years, at least two oil and four gas fields are expected to be drilled. Long-term prospects, which run from 2029 to 2050, could result in a production of 42.14 MMB of crude oil and 4.6 TCF of natural gas from additional discovery and increase in reserves.The country’s current energy plan covers only up to 2040.
The DOE earlier presented this data during a public consultation last week. DOE Director for Energy Policy and Planning Bureau Michael Sinocruz the agency is updating the Philippine Energy Plan , which currently covers the year 2020 to 2040. The updated plan will include new projections up to 2050.