Possible answer for gas and oil problems in the Philippines

A possible answer for gas and oil problems in the Philippines is being cooked by the government, as the Philippines may soon become the owner of an undersea land that is said to be larger than Luzon which is also potentially rich in gas and oil.

The Department of Environment and Natural Resources (DENR), Secretary Ramon Paje said the United Nations Convention on the Law of the Seas (UNCLOS) may approve the Philippines' claim over Benham Rise by mid-2012.

The Benham Rise is said to be located at the country's eastern seaboard beside Aurora and Isabela provinces, Benham Rise is an extinct volcanic ridge with an area of 13 million hectares.

Based on initial studies of the DENR, Paje said that the Benham Rise is rich in solid methane and probably even oil, thus raising the possibility of the nation's energy self-sufficiency in the near future.

Paje also added that Benham Rise has enough deposits to enable the country to export gas.

The Philippines have already submitted its application for ownership of Benham Rise to the UNCLOS in late 2008 and unlike the Spratly islands in the West Philippine Sea, no other country claims Benham Rise.

Once the UNCLOS approves the Philippines' claim, he said the Philippine government may issue contracts for exploring the area, like what is being done at the Malampaya deepwater gas field off Palawan.