Businessman
Manny Pangilinan is inviting the state-owned China
National Offshore Oil Corporation or CNOOC for an exploration project in the disputed
Recto Bank (Reed Bank). President Aquino sees no problem with the joint venture as long as it complies with the terms and conditions stipulated in the service contract. Pangilinan’s
Philex Petroleum Corp. is conducting exploration in Recto Bank under Service Contract 72 thus CNOOC and other possible foreign partners must adhere in every aspect pertaining to the said contract.
Additional $75 million is needed to continue the exploration in Recto Bank, according to Forum Energy. Said bank has a potential of producing 16.6 trillion cubic feet of gas which exceeds the 3.4 trillion cubic feet of gas in the Malampaya natural gas project in Palawan.
Philex Petroleum to raise $75M for Recto Bank exploration
MVP: Philex to drill for oil at Reed Bank
Philex, Chinese firm discuss South China Sea gas project
Philex eyes Chinese partner in Recto Bank
Philex eyes partners for Recto Bank project
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