TAWI-TAWI, Philippines - Oil and gas exploration projects undertaken in the seas off Mapun Island in the Sulu archipelaggo near the southern Philippine province of Tawi Tawi have shown positive results.
According to reports, mining operations carried out by foreign and Filipino companies in the mid-sea off the Philippine island municipalities of Mapun and Taganak have discovered oil deposits estimated at 500 million barrels and some 1.5 trillion cubic feet of natural gas.
Tawi Tawi Governor, Sadikul Sahali expressed hope that this development will transform the province into a highly industrialized area that will strengthen the economy of the local constituency here.
“I received reports from various sources that ongoing exploration operations in Tawi-Tawi seas have proved the areas to be potential mining sites, but have no confirmation yet from mining concessionaires,” said Sadikul.
“I’m really hoping that the Philippines would be able to do away soon with problems of soaring price of oil that are presently a setback in the country’s economy.”