Encompassing more than seven thousand islands in the western Pacific Ocean, the Republic of the Philippines is rich in mineral deposits, making it a leader in geothermal energy. However, the Philippines is also active in the oil and natural gas development, with Shell Philippines Exploration (SPEX), Nido Petroleum, Kairiki Energy and Philippines National Oil Company Exploration Corp. engaged in offshore exploration projects in the region. According to the EIA, the oil-dependent Philippines produced 25,000 bbl/d in 2003 and consumed an average 338,000 bbl/d , with net oil imports of 312,000 bbl/d.