There's oil in Antique and the national government has already signed agreements with Petronas; the Malaysian oil company (owner of the world famous Petronas Towers), to explore for oil near the town of Culasi.
The hope is for a lot of the black gold underground. It can be that the oil deposit down there is not large enough for a commercial operation. It is encouraging though that a big oil company is willing to risk some money to do the exploration.
If the oil is good, then Culasi will be in for a huge windfall! Forty percent of the Philippine share goes to the local government (how much for each? I don't know. The Province, town and barangay will share.
The problem though is the risk of an environmental disaster. The local fishermen and seaweed farmers are also affected. Personally, I think that betting on the oil is better than not drilling at all! The benefit of oil is just better than seaweed farming and fishing, way lot better.
Here's to a good oil harvest in Culasi! (If I have money, I'll buy some big lots in that town...)
The hope is for a lot of the black gold underground. It can be that the oil deposit down there is not large enough for a commercial operation. It is encouraging though that a big oil company is willing to risk some money to do the exploration.
If the oil is good, then Culasi will be in for a huge windfall! Forty percent of the Philippine share goes to the local government (how much for each? I don't know. The Province, town and barangay will share.
The problem though is the risk of an environmental disaster. The local fishermen and seaweed farmers are also affected. Personally, I think that betting on the oil is better than not drilling at all! The benefit of oil is just better than seaweed farming and fishing, way lot better.
Here's to a good oil harvest in Culasi! (If I have money, I'll buy some big lots in that town...)
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