The DOE has categorically declared that “no deal” was firmed up with the Chinese government on any joint oil and gas exploration activities at the disputed West Philippine Sea, including the Recto Bank.
The Department of Energy has categorically declared that “no deal” was firmed up with the Chinese government on any joint oil and gas exploration activities at the disputed West Philippine Sea, including the Recto Bank which is reckoned as a gas-rich domain of the Philippines.
The Recto Bank is a geological play seen to have massive gas resource potential – and the main block under Service Contract 72 has been deemed to have prospective gas find that could match or even surpass the output of the Malampaya field. In fact, the deadlock with China essentially crippled the Philippine upstream oil and gas industry for almost a decade already as no single well had been drilled in the country since then.
As to the date on re-commencing the targeted talks with China, Lotilla noted “the joint statement did not go into such details and we will have to be guided by our Department of Affairs in so far as the timing and the subject matter of the resumption of talks and even the venue for those talks, so we will have to await their guidance on these things.”
The energy chief, nevertheless, qualified that what the initial Xi-Marcos agreement establishes is a “healthy environment for the talks to take place – that there is at highest levels of both the Philippines and Chinese government a commitment to move forward the discussions.”
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