PAGBILAO, Quezon – President Duterte has expressed hope the newfound oil reserve in Cebu province could save the Filipino people from poverty. Duterte was referring to the Alegria Oil Field in Cebu, which he inaugurated on May 19. However, the Alegria Oil Field, which is expected to yield 27.93 million barrels of commercial oil, is considered small and fit only for domestic consumption. The Department of Energy says domestic demand for petroleum products reached 166.26 million barrels last year from 155.41 million barrels in 2016. Coal-firedDuterte thanked the Team Energy and Aboitiz for putting up the power generating facilities that would provide jobs and business opportunities to the Filipino people.

Source: Philippine Daily Inquirer June 01, 2018 06:11 UTC