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Recto Bank: Filipino, China Oil Firms Talk Deal
Topic Started: Oct 23 2013, 07:06 PM (1,646 Views)
raider1011


Filipino, China Oil Firms Eye Deal in Disputed Sea
MANILA, Philippines October 23, 2013

Energy Secretary Jericho Petilla said the talks between London-based Forum Energy plc and China National Offshore Oil Corporation, or CNOOC, were at a preliminary stage. He added a commercial agreement could hopefully be reached despite the long-raging disputes over the Reed Bank.

The talks were being held abroad, mostly recently in Hong Kong, he said.

The alternative to not entering into a business partnership "is not to drill, probably forever." Petilla said.

President Benigno Aquino III said any such deal with China would have to conform to Philippine laws. The Reed Bank northwest of the Philippine province of Palawan lies clearly within his country's exclusive economic zone, Aquino said.

The territorial conflict has hampered oil exploration in the offshore area, Petilla said, but added the Philippines needed to find a way to tap its potentially huge oil and gas deposits to meet his country's growing energy demand. Natural gas deposits at a nearby offshore field called Malampaya are expected to run out in 2024, he said, adding it takes about a decade to develop such a gas field.

ABC News
God grant me the courage not to give up what I think is right even though I think it is hopeless.

|| Chester W. Nimitz

Loyalty to the Nation ALL the time, loyalty to the Government when it deserves it.

|| Mark Twain
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raider1011


Philippines says gas from disputed field should be used domestically
Oct 23, 2013

The Philippines will insist that any gas produced from an offshore field a unit of Philex Petroleum Corp hopes to develop with China's CNOOC Ltd be used domestically, a senior energy official said on Wednesday. . . .

Service Contract 72 in the Reed Bank holds the Sampaguita field, which is estimated to have 20 trillion cubic feet of natural gas, dwarfing Malampaya, the Philippines' current sole gas producer with only about 2.7 tcf of gas.

"What I know is they are having regular meetings, that's the way to move forward," Petilla told reporters. "Certainly, we will not agree that it (the gas) will be sold elsewhere when we actually need it," he said. . . .

Any deal would have to be reviewed by government lawyers, but Manila is open to an ownership structure of SC 72 similar to that of Malampaya, he said.

Malampaya is 90 percent owned by a consortium led by Shell Philippines Exploration B.V. of Royal Dutch Shell Plc and 10 percent held by a state agency.

China says it owns the Reed Bank, but SC 72 falls within the Philippines' 200-mile exclusive economic zone (EEZ), with Manila insisting on sole sovereignty over the waters. . . .

When asked about how sovereignty issues raised by China and the Philippines over the waters weigh on the discussions between Forum and CNOOC, Petilla said: "Those are the governments, I'm hopeful of the commercial (talks)."

Reuters
God grant me the courage not to give up what I think is right even though I think it is hopeless.

|| Chester W. Nimitz

Loyalty to the Nation ALL the time, loyalty to the Government when it deserves it.

|| Mark Twain
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Santi Kampilan
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Both CNOOC and Forum Energy want to make money. They may push it all the way short of having an agreement to pressure both PH and China to come to an agreement. Trillions of dollars are at stake here. If there is a stalemate like as it is, the pending result of the international arbitration tribunal could be the deciding factor. Otherwise, force, will be the deciding factor.

Posted Image The SC 72 is right in front of Ulugan Bay/Oyster Bay Naval Base. Closer than Scarborough at 80 nautical miles.Posted Image
Edited by Santi Kampilan, Oct 24 2013, 04:52 AM.
Posted Image
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Maverick 13330
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What are they gonna do? Put a pipeline towards china.. In their dream.
Guys.. Do you have any idea on who awarded the contract to explore on this chinese company?
Im betting its GMA.. From my knowledge this discovery on SC 72 prompted the chinese to aggressively assert its claim on our WPS.
Anyway kudos to Sec. Petilla for its bold statement.
Edited by Maverick 13330, Oct 24 2013, 05:10 AM.
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Andres Boning
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Quote:
 
President Benigno Aquino III said any such deal with China would have to conform to Philippine laws. The Reed Bank northwest of the Philippine province of Palawan lies clearly within his country's exclusive economic zone, Aquino said.


Philippine Laws?, Did China bothered to respect our laws when they illegally and forcibly occupied "Panatag Shoal" and other PH territories??

I wonder why they keep on insisting for a joint explo partnership with CNOOC, is it because of threats made by China to the Philippines if they don't let them take part on these projects????

It's as clear as a crystal on who will be the dominating party once the drilling starts...

If they can't even respect our EEZs and present laws, what makes them so sure they would later?

In my opinion, Say NO to CNOCC Drills, let other big Western or European Oil Giants w/ less or NO Chinese connection plant their drills @ Recto Bank, better be safe than sorry.. :patrioticpinoy:


Option 2:

For China to officially concede, to respect our laws and to acknowledge our claims on all our territories in WPS through UNCLOS, to eject themselves in illegally occupied Islands that falls under our EEZs, particularly "Mischief Reef", "Flat Island", "Nashan Island"

Only then, maybe we can let them take part of any Philippine O/G Exploration Projects. :salute:


Edited by Andres Boning, Oct 24 2013, 05:01 PM.
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gammy322
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the problem with CNNOC, it is tied up with the company of MVP, an influential businessman of the Philippines....
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PinoyAko
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We should make a noise to pressure MVP not to do any tie-up with this chinese company. :nono:

Those with media contacts please let this be a front page to warn MVP. :fire:
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