Cebu's Alegria Oil Field Seeks Revival as Investors Show Interest
The provincial government of Cebu, Philippines, remains open to reviving oil exploration at the Alegria oil field, despite operations having ceased in 2023. Cebu Gov. Pamela Baricuatro announced that potential investors have approached the government with proposals to resume activities. The Alegria oil field, previously managed by China International Mining Petroleum Ltd. Co., was terminated due to disruptions from the COVID-19 pandemic, but it was once estimated to hold 27.93 million barrels of oil.
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The Alegria oil field in Cebu, Philippines, has seen halted operations since 2023 after the Department of Energy terminated the contract of China International Mining Petroleum Ltd. Co. due to COVID-19 disruptions.
However, interest in reviving exploration remains, with potential investors contacting the provincial government. Cebu Gov. Pamela Baricuatro noted that discussions are yet to be formally convened, but monitoring of the site is ongoing.
The Alegria oil field was notable for its estimated 27.93 million barrels of oil in place and a recoverable output of about 3.35 million barrels. Natural gas resources were estimated at 6.6 billion cubic feet.
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