Petroleum industry investments falling at rapid pace – DOE 9 SHARES Share it! Prior to the enforcement of drilling moratorium at conflict areas at the West Philippine Sea in 2013, Philippine data would show that it has been fetching significant annual investments of more than US$400 million to US$800 million in oil and gas exploration ventures. In 2014, the scale of investments in the sector had dropped to US$629.617 million; then even lower at US$609.515 million in 2015. The succeeding years had shown the worsening downturn in petroleum exploration investments, with it precipitously sliding to US$324.743 million in 2016; and even lower at US$291.983 million last year. “Aside from the big investments from the upstream sector – mostly from foreign companies, the tax collected from this sector is also a big contributor to the country’s revenue collections,” the energy department has stipulated.

Source: Manila Bulletin October 14, 2018 13:52 UTC