Two exploration deals up for President’s signature

Two oil and gas exploration deals are up for President Rodrigo Duterte’s signature. One of the deals involves joint project between Philippine National Oil Company-Exploration Corporation (PNOC-EC) and China National Offshore Oil Corporation (CNOOC).

“If I remember, service contract number 57 and this is an issue of farming-in for a company-to-be… because that service contract is owned by PNOC-EC and they needed a partner to pursue further exploration and exploitation if when the time comes,” Energy Secretary Alfonso Cusi told the media as quoted by CNN Philippines.

SC 57 is located in Calamian Block/NW Palawan which covers 712,000 hectares.

“So, they have been looking for partners and one partner that shown that interest is the CNOOC,” Cusi added. “So, that needs amendment and, as we have submitted our recommendation for each amendment, so that we can already sign that exploration.”

Cusi also emphasized that SC 72 located in Reed Bank is not involved in either of the two deals up for President’s approval.