The Philippine government is conducting oil exploration with ExxonMobil in the Sulu Sea.
Energy Secretary Angelo Reyes said, the exploration is part of the government's efforts to encourage investments in energy sector leading to energy security for the country. The exploration phase will be undertaken at no cost to the Philippine government, with all risks borne by the contractors, ExxonMobil and BPH Billiton.
ExxonMobil is world's largest publicly traded international oil and gas company. ExxonMobil Managing Director, Ian Fisher said, the consortium will be spending US $100 million for 100 days of work within the service contract area of Bongao and Mapun Municipalities in Tawi-Tawi.
This is not the first time that a foreign company has entered and extracted oil from Sulu Sea. Last year there was also an oil exploration in the Municipality of Parang, Sulu but it was not made publicly.
BBC Monitoring. Copyright BBC.
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