Philex Petroleum Corp. will await the guidance of the government before working on their exploration activities in the West Philippine Sea, its top official said.
“I think we have to study ourselves the decision and, of course, we have to take our cue from the government,” Philex Petroleum Chairman Manuel V. Pangilinan told reporters in an event yesterday. “We don’t want to move without the government guiding us on what to do.”
Philex used to be in talks with the China National Offshore Oil Corporation (CNOOC) in developing a part of the Reed Bank, a vast offshore location claimed by both China and the Philippines.
However, MVP said they have not spoken with CNOOC since the government filed the arbitration to UN.
“Matagal nang wala kaming contact sa kanila since we filed the arbitration or since the government filed for arbitration.” Pangilinan said. (We haven’t been in contact with them since we filed the arbitration, or since the government filed for arbitration.)
When asked if the ruling signifies that Philex will resume talks with the Chinese oil company, Pangilinan did not make any comment, saying he has not yet seen a copy of the ruling.
For Pangilinan, the ideal approach in exploration in the said area would be a joint venture.
“I think we would need a partner… Assuming there’s gas there… we will need a partner — foreign partner most likely. Wala namang nakagawa dito ‘nun di ba?” he said. (I think we would need a partner… Assuming there’s gas there… we will need a partner – foreign partner, most likely. Nobody has done that here, right?)