By: Elena Grace Flores
[VIDEO]: Bongbong Marcos admin revives Nido Petroleum’s oil drilling in Palawan
The Change Oil Light is On
When the change oil light is on it means that the oil pressure in your vehicle’s engine has dropped, and you need to take action immediately. That is the same as the oil exploration and extraction in the Philipines’ Palawan island. President Ferdinand Marcos, Jr. immediately revives Nido Petroleum’s oil drilling when oil becomes too expensive.
The government prioritizes the equilibrium price for energy. It assures continued support for foreign investments. The Board of Investments, with endorsement from the Department of Energy, guarantees enhanced incentives focused on energy-related projects to achieve efficiency and cost reduction. It also ensures a continuous supply of petroleum products and enhances environmental protection. Indeed, the Change Oil Light is not ignored despite the power struggle in Malacanang, so to speak.
Australian firm Sacgasco, operating as Nido Petroleum in the Philippines, said it is planning to get a drilling rig in early 2023 with a view to conducting an extended well test on the revitalization of the old Cadlao oil field covered by Service Contract (SC) 6B in the Palawan basin.