Carpio renews call for PH gov't to begin Reed Bank oil exploration

Rowegie Abanto, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Armed Forces of the Philippines reports Chinese vessels swarming in Iroquois and Sabina, posing a threat to Recto Bank security. Forty-eight Chinese fishing vessels have been reported to be swarming the Iroquois Reef, located south of the oil and gas-rich Recto Bank in the West Philippine Sea. This information comes from the latest air patrol conducted on June 30, 2023. Western Command Armed Forces of the Philippines/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/news/08/15/20230630-china-spratlys-ho-12.jpg"/><figcaption>Armed Forces of the Philippines reports Chinese vessels swarming in Iroquois and Sabina, posing a threat to Recto Bank security. Forty-eight Chinese fishing vessels have been reported to be swarming the Iroquois Reef, located south of the oil and gas-rich Recto Bank in the West Philippine Sea. This information comes from the latest air patrol conducted on June 30, 2023. <em>Western Command Armed Forces of the Philippines/File</em></figcaption></figure></div><p>MANILA — Former Supreme Court Associate Justice Antonio Carpio on Tuesday renewed his call for the Philippine government to begin oil exploration at Reed Bank to stave off possible devastating effects on the economy.</p><p>Carpio pointed out that due to rising energy costs and drying up of gas in Malampaya, it was &quot;urgent&quot; to &quot;get gas&quot; in Reed Bank, said to be rich in oil and gas deposits.</p><p>&quot;We have no choice but to get the gas in Reed Bank. Our economy will suffer tremendously [otherwise],&quot; Carpio told ANC&#x27;s &quot;Headstart.&quot;</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/04/24/23/ph-govt-urged-to-begin-reed-bank-oil-exploration">Philippine gov&#x27;t urged to begin Reed Bank oil exploration</a></li></ul><p>According to Carpio, Malampaya supplies 40 percent of the energy requirement of Luzon. And without gas supply from Malampaya and Reed Bank, the country might be forced to import more, which he said is &quot;very expensive.&quot;</p><p>&quot;I estimate our energy cost in Luzon will go up by 50 percent. And that will be devastating to everybody, that will fuel inflation. And consumers will suffer,&quot; he added.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/14/23/fresh-oil-price-hike-set-on-aug-15">Fresh oil price hike set on Aug. 15</a></li></ul><p>Reed Bank, also known as Recto Bank, is within the Philippines&#x27; exclusive economic zone northwest of Palawan.</p><p>A 2013 report from the United States Energy Information Administration said Reed Bank could hold up to 5.4 billion barrels of oil and 55.1 trillion cubic feet of natural gas.</p><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2762742" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><p>The former justice believes that the recent water-cannon attack unleashed by Chinese ships on Philippine vessels was a &quot;threat&quot; to Manila &quot;that we should not send our survey ships to Reed Bank.&quot;</p><p>&quot;I think that is connected,&quot; he said. &quot;For me, it&#x27;s very clear that they are flexing their muscle to intimidate us not to send our survey and drilling ship to Reed Bank.&quot;</p><p>Carpio said that the Philippines would need the support of the Philippine Navy when it sends its survey and drilling ships to Reed Bank for the oil exploration. </p><p>He added that the country should also engage in joint patrols with the US for the venture &quot;because that is what Malaysia and Indonesia did.&quot;</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/spotlight/08/08/23/carpio-ph-doesnt-need-china-consent-in-ayungin">Carpio: PH doesn&#x27;t need China consent in Ayungin, Reed Bank</a></li>	<li><a href="https://news.abs-cbn.com/news/08/04/23/philippines-us-to-mount-west-ph-sea-joint-patrols-by-end-2023">Philippines, US to mount West PH Sea joint patrols by end-2023</a></li></ul>

'We have no choice but to get the gas in Reed Bank. Our economy will suffer tremendously,' ex-justice Antonio Carpio told ANC's 'Headstart.'

Carpio renews call for PH gov't to begin Reed Bank oil exploration | ABS-CBN

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Carpio renews call for PH gov't to begin Reed Bank oil exploration

Carpio renews call for PH gov't to begin Reed Bank oil exploration

Rowegie Abanto,

ABS-CBN News

Published Aug 15, 2023 10:54 AM PHT

Read More:

Antonio Carpio

West Philippine Sea

Reed Bank

Ayungin Shoal

BRP Sierra Madre

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