$26.3-Trillion Oil Reserves General Says Country’s Untapped Deposits Mostly In Spratlys
$26.3-Trillion Oil Reserves General Says Country’s Untapped Deposits Mostly In Spratlys http://www.mb.com.ph/articles/358043/263trillion-oil-reserves#.UKMeeeTBNoE MANILA, Philippines- The Philippines is “sitting on a mountain of gold,” wi th untapped hydrocarbon deposits estimated at $26.3 trillion, mostly found in the disputed Spratly chain of islands, more than enough to free the country from the shackles of poverty. Brig. Gen. Eldon G. Nemenzo, deputy commander of the 3rd Air Division of the Philippine Air Force (PAF) based in Zamboanga City, made the discovery after researching on the amount of oil reserves of the country for his thesis when he took an advanced course at the Command and Staff College of the PAF in Villamor Air Base, Pasay City. Interviewed by this writer last Saturday, Nemenzo confirmed the vast oil reserves of the Philippines in various parts of the archipelago, specifically the Reed Bank, the largest of them all, and the Mischief Reef in the Sprat...