Wu Shicun Chinese who is
a top Chinese expert said that offered joint exploration of the West Philippine
Sea might be a solution to the growing territorial dispute between the
Philippines and China.
“Jointly, I think that’s the best way,” Wu
said during a brief discussions here with a 15-member Philippine media
delegation invited by the Chinese Embassy in Manila.
Wu, however, observed
that the sharing agreements need to be extended to possible business partners
in the joint oil explorations as “it’s a business deal.”
He also said the joint
exploration agreements “should be discussed by the oil companies – China
National Offshore Oil Co. Ltd (CNOOC) and the Philippine oil companies.”
He also pointed out the
need for the Philippine media to convey the idea to Filipino businessmen saying
“The only way for Chinese business is to go for joint exploration, either 50-50
or whatever,”
The Philippines’ Philex
Petroleum Corp. through its chairman Manuel V. Pangilinan had “sent feelers” to
its Chinese partner for the recommencement of the joint exploration of the
Service Contract 72.
Pangilinan had told Manila
reporters that Philex Petroleum may start drilling in the first quarter of 2016
considering that it might take about six to 12 months for its preparation.
Forum Energy, which about
60 percent of its shares is owned by Philex Petroleum, operates the petroleum
block located in offshore Palawan.
Forum Energy earlier
showed that the Sampaguita field, which is covered by SC 72 in the Reed Bank,
is estimated to have gross reserves of over 11 trillion cubic feet of gas.
However, the volume dwarfs
the Malampaya natural gas field's reserves, which is placed at 2.7 trillion
cubic feet could afford to supply gas to Philippines for up to a hundred years.
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