Following the government’s announcement that it already terminated its joint oil exploration talks with China, the Department of Energy indicated that Pangilinan-led PXP Energy Corporation can now proceed with its oil and gas exploration activities at the Recto Bank.
“This encouraged our service contract holders to restart investments in WPS exploration. Specifically, SC No. 72 and SC. No. 75 contracted survey vessels to carry out exploration activities in Recto Bank,” the DOE stated. The DOE primarily acknowledged that among the major reasons on suspended exploration activities at WPS had been “China’s harassment of the survey vessels hired by our service contractors. At that time, the negotiations with China were also cited as another reason for the suspension.”
Because of intrusion from China then, the Pangilinan-led firm had invoked force majeure on its programmed exploration activities at Service Contracts 72 and 75.
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