The Philippines joined the list of oil producing countries on Wednesday (21 March) with the opening of the production valve in the Nido complex, nearly 30 miles off the far western island of Palawan.
GV Interior of Presidential Palace
SV Marcos unveiling of the Nido Complex marker (3 SHOTS)
SV Marcos speaking at the ceremony (4 SHOTS)
SV Marcos turning on the taps of the oil pipe
CU TV monitor of burning oil (2 SHOTS)
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Background: The Philippines joined the list of oil producing countries on Wednesday (21 March) with the opening of the production valve in the Nido complex, nearly 30 miles off the far western island of Palawan.
The Philippines President Ferdinand Marcos symbolically turned on the taps of the countries first offshore oil supplies which could provide 15 percent of the country's needs by the middle of the year.
But at the special ceremony in the Presidential Palace to mark the occasion, he called on people to cut down their fuel consumption urgently because of warnings from oil companies of a possible nine percent shortfall in imported supplies due to the current world oil crisis.
The first of five production wells of the Cities Services Consortium Nido Complex actually came on stern on January 27. A second well has since started up, and together they are producing around 10,000 barrels daily, the President said.
There are at present 70 countries producing oil with Saudi Arabia on top of the list. The Philippines will jump to the 40th position when it starts producing 40,000 barrels a day.