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Drilling
of oil deposits at the Bohol Strait is scheduled
to start within the next two years.
The presence of commercially and economically
viable petroleum resources between Bohol and Cebu
was finally confirmed by the DoE and Otto Energy
Ltd., the Australia-based company contracted by
the Philippine government to explore oil and natural
gas deposits in the Visayan basin and offshore
Palawan.
In
an advisory given to the DoE by Otto Energy, the
latter reported that it is raising $11.02 million
to fund the oil drilling off Cabilao Island in
Loon town including the Argao, Cebu side.
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