MANILA - Philippines President Rodrigo Duterte has lifted the moratorium on petroleum exploration in the South China Sea, paving the way for three projects to resume, including a possible joint venture with China.
China claims almost the entire South China Sea, believed to be rich in energy and marine resources. Brunei, Malaysia, Vietnam and Taiwan also have claims. The Philippines had imposed the moratorium while awaiting a ruling in a case by the Permanent Court of Arbitration in the Hague, which in 2016 invalidated China's claim to sovereignty over most of the South China Sea.
Forum, a unit of the Philippines' PXP Energy Corp, operates Service Contract 72 covering gas exploration in the Reed Bank, which is within the disputed territory. PXP has had talks with CNOOC about joint exploration and development there.
Source: Energy Industry News (energyindustrynews.net)
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