Toribiong is the Marine Biology Coordinator for Palau Pacific Exploration (PPX) which has secured a million acre drilling concession on the North Block of Palau located at the Velasco Reef in Kayangel State.
Toribiong said Velaso Reef has no corals, thus the planned drilling will no impact the environment.
“There is no reason why we need to preserve the Velasco Reef,” Toribiong said.
He is working with the PPX to ensure that the company complies with the environmental impact requirements.
Toribiong who is a diving industry pioneer and a staunch advocate of environmental protection is pushing for the project and is confident that there is oil and gas at the Velasco Reef.
PPX is seeking investors to fund a two-well drilling programme to test over 1 billionThe Company is seeking investors to participate in a private placement to raise US$40 million to fund the drilling program
Toribiong said the company has until May 2012 to drill two test wells to a target depth of approx. 5,000 feet.
He said that as an environmentalist, he will make sure that all drillings will not harm the environment.
He said in reality there are more spills occurring from oil tankers than from oil drilling.
The company he stated will also make sure that anchors will not be dropped during the exploration.
“There is a good chance that there is oil in Palau,” Toribiong said.
Toribiong said a public hearing will be scheduled by the company to determine the community’s inputs on the project.
Toribiong’s brother, the president has earlier executed an agreement to another company, Palau Pacific Energy .
The license to PPE is issued for 10 years and that drilling of an exploratory well should commence by no later than May 15, 2011.
The agreement stated that if no oil or gas of commercial quantities is discovered by May 15, 2012, the agreement will continue in effect on a year-to-year basis with licensee paying a rental of ten cents (US$0.10) per acre times the number of acres in the Palau North Block.
The agreement further added that is commercial hydrocarbons are discovered then rental ceases.
Palau’s Kayangel state is located on the northern edge of the 300-mile long archipelago. PPE and PPX officials say the area is likely home to one of the world’s largest oil fields.
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