PXP Energy, CNOOC in Talks on S. China Sea Work after Exploration Moratorium Lifted

Enrico Dela Cruz

October 19, 2020

One of PXP's blocks in S. China sea offshore The Philippines - Credit: PXP Energy

One of PXP’s blocks in S. China sea offshore The Philippines – Credit: PXP Energy

The Philippines’ PXP Energy Corp said it was in ongoing negotiations with China National Offshore Oil Corp (CNOOC) relating to a memorandum of understanding between Manila and Beijing on joint oil and gas development in the South China Sea.

In a market disclosure, PXP said on Monday the talks were being handled by Forum (GSEC 101) Ltd, a subsidiary of its unit Forum Energy Ltd, but the parties had yet to agree on any disclosable definitive agreement.

In what it described as a unilateral decision, Manila has lifted a six-year-old moratorium on oil and gas exploration in the disputed waters believed to be rich in energy and marine resources, a move Beijing did not oppose.