A possible bonanza of foreign investors and corporation seen in Benham Rise

A possible bonanza of foreign investors and corporation seen in Benham Rise

Aside from the additional territory for the Philippines, this latest dominion has the bonus of immense mineral wealth which could give the country the needed push to achieve a real jump forward economically if the government could manage it with wisdom, and not throw it away to the wolves greedily waiting around the corner with watering mouths.

In April, the 13-million-hectare continental shelf off the east coast of Luzon, near the provinces of Aurora and Isabela, was declared by the United Nations as part of Philippine territory.

The area, which is also known as Benham Plateau, is a deepwater fishing ground for deepwater fish like bluefin tuna. It is also believed to be rich in natural gas and manganese nodules. Manganese is essential in the production of steel.. 

In the PECR 4 that offered 15 oil and petroleum areas, the DOE received 20 bids for 11 areas. All four areas that failed to secure bids lacked seismic data.

Specifically, four firms are interested to conduct seismic surveys in the eastern side of the country

Through the seismic data, a company can propose how many wells they plan to drill to measure resources.

On a larger scale, the DOE and other government agencies are continuously implementing reforms identified by the Philippine Upstream Petroleum Task Force that was created by Executive Order 60 last year.

To date, there are 27 service contracts in the Philippines involving Shell Philippines Exploration, Nido and BHP Billiton. However, only the Malampaya and Galoc oil fields are in regular production.

This could well be the reason behind the militarization of Aurora. The Philippines want to secure it.

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