President Arroyo approves oil exploration project

President Gloria Macapagal-Arroyo has officially given the go signal for the Department of Energy’s immediate exploration, development and production of crude oil from the Camago-Malampaya reservoir in the central province of Palawan, the government said Monday.

.. “The increasing prices of oil and petroleum products in the world market has made it urgent and imperative for the government to aggressively pursue its energy independence agenda, including the development of domestic oil reserves,” it says.

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