MANILA, Philippines — Listed upstream oil and gas firm PXP Energy Corp. has touched base with China National Offshore Oil Co. (CNOOC) for possible joint exploration in oil and gas prospects in West Philippine Sea. “We tried to reach out… several weeks ago,” said PXP chairman Manuel V. Pangilinan. PXP Energy, through London-listed Forum Energy Plc., previously engaged in talks with CNOOC, China’s state-owned oil producer, for a possible commercial arrangement covering Service Contract 72. The oil and gas company holds a 78.98 percent stake in SC 72, the contract to explore Recto Bank in the West Philippine Sea. PXP Energy is also awaiting direction from government after it asked the Department of Energy (DOE) to lift the force majeure on its oil and gas contracts located in the disputed waters.

Source: Philippine Star February 27, 2019 16:06 UTC