Philippines Hopes For Sea Exploration Pact With China This Year
(Bloomberg) -- Philippine Foreign Secretary Alan Peter Cayetano is confident that an agreement with China to jointly explore for oil and gas in South China Sea can be signed this year.
The Philippines wants a legal framework before it will set aside a ban on joint exploration in territory claimed by either country, Cayetano told reporters in Manila on Wednesday.
"We are not lifting the moratorium until we have a legal framework that’s acceptable to both parties," he said.
A commercial pact would follow, depending on the extent of proven resources.
Philippine President Rodrigo Duterte discussed the possibility of a joint exploration agreement with his Chinese counterpart Xi Jinping in Hainan earlier this month. It was Duterte’s third visit to China as president, with Xi set to visit Manila in November.
The U.S. Energy Information Administration has estimated natural gas reserves of up to 4 trillion cubic feet in the South China Sea.
China’s claims to more than 80 percent of the waters of the South China Sea were rejected in 2016 by an international tribunal in a case brought by Duterte’s predecessor, Benigno Aquino.
Duterte set aside the ruling -- instead of trying to enforce it -- in the hope of striking better outcomes through direct negotiation with Beijing.
With assistance from Cecilia Yap. To contact the reporter on this story: Siegfrid Alegado in Manila at aalegado1@bloomberg.net. To contact the editors responsible for this story: Clarissa Batino at cbatino@bloomberg.net; Ruth Pollard at rpollard2@bloomberg.net Jason Koutsoukis.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension