Department of Energy on Monday confirmed that the natural gas reserves in Recto Bank / Reed bank are bigger than those in Malampaya.
The energy department's revelation came on the heels of remarks by a member of the private consortium exploring oil in the area that it may have made a "world-class discovery."
Officials of Atok-Big Wedge Co. had told shareholders during its annual meeting that a report from experts commissioned to assess Service Contract (SC) 72 in Reed Bank has yielded a "world-class discovery."
According to Energy Undersecretary Jay Layug, it is very likely that the natural gas at Recto Bank exceeds the 2.7-trillion cubic feet in the Malampaya Natural Gas Field that has for years provided the country billions in revenue.
"We are hoping for equal, if not at least a bit higher natural gas from Sampaguita Field," Layug said Monday, referring to the area in Recto Bank where a consortium of three firms--- Forum Energy, Monte de Oro and Walter Brown---have been exploring.
The DoE said a new, substantial find in natural gas is important to the Philippines because the supply coming from Malampaya is estimated to run out by 2024.
Malampaya now supplies 40 percent of power to provide electricity to Luzon. Of the 2.7-trillion cubic feet of reserves in the field off Palawan, an estimated 1.2-trillion cubic feet of natgas has been used.
Recto Bank is, Philippines owned
Meanwhile, Layug stressed that Philippine ownership of Recto Bank is beyond dispute, considering it is only 70 nautical miles west of Palawan, nearly twice as close to the mainland than Scarborough (Panatag) Shoal off Zambales province, and parts of the Spratly island chain. China insists on claiming both Recto Bank and Panatag Shoal, even though both are within the Philippines's 200-mile exclusive economic zone. A stand-off over fishing rights that began April 10 is still ongoing at Panatag.
