Natural gas deposits waiting to be tapped in Cagayan

NARVACAN, Ilocos Sur - An estimated $350 million worth of natural gas is waiting to be tapped in Amulung, Cagayan in northern Philippines, officials of the privately-held Monte Oro Resources and Energy Corporation (MOREC) said. Edward Durkee, the company’s chief geologist, said that natural gas deposits in the landlocked town can be converted into liquefied petroleum gas and compressed natural gas, which could be valued anywhere from $300 to $350 million. According to Durkee, the company was already given an exploration permit to determine the total amount of natural gas in the area. Amulung Mayor Pacita de Leon said that the company was able to secure its exploration permit because it was expected to offer livelihood opportunities for the town’s residents. Amulung is a 4th Class municipality with a population of about 44,000. Considered cleaner than fossil-based fuels, natural gas can be used to generate electricity by using turbines. Established in 2005, MOREC was formed specifically to invest in Mining, Oil & Gas and Infrastructure investments in the Philippines. - GMANews.TV