This was part of a presentation by the MGB in Mining Conference 2005.
Today I saw this report dated August 2011.
…The cable said the Philippines National Oil Company (PNOC) began exploring for oil and natural gas in the Liguasan Marsh area in 1994 under Geophysical Survey and Exploration Contract (GSEC) 73, which covered all of Maguindanao, North Cotabato, South Cotabato, Sultan Kudurat, Sarangani, Davao, and Bukidnon provinces of Mindanao.
It added that Malaysia’s national oil company, Petronas, partnered with the PNOC for the exploration of the marshland.
“By the late 1990’s, they had located natural gas and/or oil in five sites, including Datu Piang (Dulawan) and Sultan Sa Barongis in Maguindanao and Lambayong in Sultan Kudurat.
According to the PNOC, the estimated natural gas deposits in Sultan Sa Barongis alone would be enough to fuel a 60-megawatt (MW) combined cycle power plant for 20 years.
“The PNOC had hoped to use this gas to support the power requirements of Mindanao as well as for industrial applications. However, the PNOC and Petronas suspended operations in the Liguasan Marsh area due to threats from the MILF and extortion by local mayors and political warlords,” it added.
It cited incomplete data and unconfirmed reports that the Philippines may have untapped mineral wealth worth between $840 billion and $1 trillion….
This is possible and should be one of the promising area for investment and development in Mindanao.