The Transocean Marianas rig started drilling the MC252 exploratory well in October 2009. ![]() This one well is now known as the MC252 (or Macondo) exploratory well. Here is the response I received:īP ‘s exploration plans for Mississippi Canyon, Block 252, references two possible well locations - well location "A" and well location "B." But BP eventually sought and received approval to drill only one well - a well at the "A" location referenced in the exploration plan. I wrote an email a couple days ago to BP's press office, challenging them on the discrepancy in the Skandi ROV footage I had captured, which I posted about on this blog earlier in the week. And even though, as you will see, there is equipment at the B site and it was leaking oil just like its sister well. In any case, BP have officially denied to me that a second well exists or that they even ever gained government permission to drill Well B, even though they applied for it. Insiders reported in the weeks after the explosion that the blowout preventer on that well was blown miles away by the force of the blast. The other one, Well B, where Deepwater Horizon blew is probably not capped at all. One well, the one you see on TV is capped. Second, I encourage you to hover your mouse over the lower right corner of the video and click on the Youtube logo when it fades up - viewing the video on Youtube's own site you will be able to get better resolution than you can with it embedded here.īut it only takes 18 seconds to realize that what I first wrote about several days ago is in fact the awful truth - BP are lying when they say that their well is capped with no oil leaking out from other spots in the ground, that there was only one well leaking oil and that all the oil in the Gulf has magically disappeared. Once again, I did not discover this video, I'm only reporting on it. Once that is released, we will grow at a very, very healthy pace,” he said.First, I would like to credit "Marine Scout" for posting this discussion in an online forum. “This pandemic has not destroyed the factors of production-it’s just in quarantine. While the DBCC last week slashed the GDP growth target for 2021 to 4 to 5 percent due to the threat posed on economic recovery by the more contagious Delta variant, it kept the projections for 20-2024 of 7 to 9 percent and 6 to 7 percent.īeltran said that if the next administration would be “as quick as this administration” in instituting reforms to ramp up revenues and repay debt, fiscal consolidation could come earlier, by 2024.Īt the same briefing, Finance Secretary Carlos Dominguez III said the Philippines was “leading-we were among the front-runners” among similarly rated peers, or countries with the same investment-grade credit ratings, in returning to 2019 economic levels. Once you remove the restrictions, the economy will boom significantly,” he said. ![]() The Cabinet-level Development Budget Coordination Committee (DBCC) had projected the budget gap at 5.9 percent in 2023 and 4.9 percent in 2024.īeltran said the Philippines’ macroeconomic fundamentals remained solid despite the prolonged pandemic. ![]() Last week, Department of Finance officials said the Philippines would revert to a more prudent budget deficit and debt similar to pre-pandemic levels by 2024 or 2025 if the next administration adopts the measures to be pitched by the DOF, including possibly new or higher taxes.įinance Undersecretary Gil Beltran, also chief DOF economist, told reporters that fiscal consolidation, or the return to the pre-pandemic budget deficit of about 3 percent of gross domestic product yearly and debt-to-GDP below 40 percent, would likely be achieved by 2025 “because we expect the economy to surge upward” once stringent COVID-19 lockdowns get dismantled. Since the national government borrowed more locally, it will also pay a larger P1.04 trillion to domestic lenders in 2022, while the remaining P253.82 billion will be for foreign debt. Debt servicing next year will cover a bigger P785.21 billion in principal amortization plus P512.59 billion for interest payments. To repay ballooning debt, the national government will settle P1.29 trillion in liabilities in 2022, up from P1.28 trillion this year. This year, the fiscal deficit was projected to widen to a record P1.86 trillion, equivalent to 9.3 percent of GDP, as revenue collections were expected to remain below the pre-pandemic take in 2019, while government spending on public goods and services will surge to a record P4.74 trillion, or 23.9 percent of GDP, to fight the health and socioeconomic crises inflicted by COVID-19.
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