Even though operations at the oil field in Alegria City have been halted, the Cebu Provincial Government has expressed its ongoing interest in exploring the area. Governor Pamela Baricuatro announced that several potential investors have approached the Capitol to resume operations in Alegria.
Investor Interest Amidst Operational Pause
"If I remember it correctly, there was a corporation that wanted to explore. They already came to us," stated Baricuatro. However, no formal discussions or meetings have been conducted by the government regarding this proposal. "We have yet to gather on this Alegria oil exploration," the governor added. "But there are already parties who have come to us... We're continually monitoring it (the oil field)."
Background on the Alegria Oil Field
It is recalled that the Alegria oil field was led by the Chinese firm China International Mining Petroleum Ltd. Co. (CIMP). Operations were halted in 2023 after the Department of Energy (DOE) terminated the contract due to the impacts of the Covid-19 pandemic.
Following this, Baricuatro revealed that the government is open to willing investors. The Alegria oil field had previously attracted attention as it was hoped to develop a local energy resource for Cebu. It is known that CIMP had already produced commercial quantities of crude oil and natural gas.
Estimated Resources and Recovery Potential
It is estimated that the site contains up to 27.93 million barrels of oil, with an expected recovery of 3.35 million barrels based on a 12 percent recovery rate. This potential underscores the economic significance of the field, driving continued governmental and investor scrutiny.
