Carpio renews call for PH gov't to begin Reed Bank oil exploration | ABS-CBN
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Carpio renews call for PH gov't to begin Reed Bank oil exploration
Carpio renews call for PH gov't to begin Reed Bank oil exploration
Rowegie Abanto,
ABS-CBN News
Published Aug 15, 2023 10:54 AM PHT
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MANILA — Former Supreme Court Associate Justice Antonio Carpio on Tuesday renewed his call for the Philippine government to begin oil exploration at Reed Bank to stave off possible devastating effects on the economy.
MANILA — Former Supreme Court Associate Justice Antonio Carpio on Tuesday renewed his call for the Philippine government to begin oil exploration at Reed Bank to stave off possible devastating effects on the economy.
Carpio pointed out that due to rising energy costs and drying up of gas in Malampaya, it was "urgent" to "get gas" in Reed Bank, said to be rich in oil and gas deposits.
Carpio pointed out that due to rising energy costs and drying up of gas in Malampaya, it was "urgent" to "get gas" in Reed Bank, said to be rich in oil and gas deposits.
"We have no choice but to get the gas in Reed Bank. Our economy will suffer tremendously [otherwise]," Carpio told ANC's "Headstart."
"We have no choice but to get the gas in Reed Bank. Our economy will suffer tremendously [otherwise]," Carpio told ANC's "Headstart."
According to Carpio, Malampaya supplies 40 percent of the energy requirement of Luzon. And without gas supply from Malampaya and Reed Bank, the country might be forced to import more, which he said is "very expensive."
According to Carpio, Malampaya supplies 40 percent of the energy requirement of Luzon. And without gas supply from Malampaya and Reed Bank, the country might be forced to import more, which he said is "very expensive."
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"I estimate our energy cost in Luzon will go up by 50 percent. And that will be devastating to everybody, that will fuel inflation. And consumers will suffer," he added.
"I estimate our energy cost in Luzon will go up by 50 percent. And that will be devastating to everybody, that will fuel inflation. And consumers will suffer," he added.
Reed Bank, also known as Recto Bank, is within the Philippines' exclusive economic zone northwest of Palawan.
Reed Bank, also known as Recto Bank, is within the Philippines' exclusive economic zone northwest of Palawan.
A 2013 report from the United States Energy Information Administration said Reed Bank could hold up to 5.4 billion barrels of oil and 55.1 trillion cubic feet of natural gas.
A 2013 report from the United States Energy Information Administration said Reed Bank could hold up to 5.4 billion barrels of oil and 55.1 trillion cubic feet of natural gas.
The former justice believes that the recent water-cannon attack unleashed by Chinese ships on Philippine vessels was a "threat" to Manila "that we should not send our survey ships to Reed Bank."
The former justice believes that the recent water-cannon attack unleashed by Chinese ships on Philippine vessels was a "threat" to Manila "that we should not send our survey ships to Reed Bank."
"I think that is connected," he said. "For me, it's very clear that they are flexing their muscle to intimidate us not to send our survey and drilling ship to Reed Bank."
"I think that is connected," he said. "For me, it's very clear that they are flexing their muscle to intimidate us not to send our survey and drilling ship to Reed Bank."
Carpio said that the Philippines would need the support of the Philippine Navy when it sends its survey and drilling ships to Reed Bank for the oil exploration.
Carpio said that the Philippines would need the support of the Philippine Navy when it sends its survey and drilling ships to Reed Bank for the oil exploration.
He added that the country should also engage in joint patrols with the US for the venture "because that is what Malaysia and Indonesia did."
He added that the country should also engage in joint patrols with the US for the venture "because that is what Malaysia and Indonesia did."
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