Filtered By: Money
Money

China hopes to work with Philippines on WPS energy projects


BEIJING — China hopes it can work together with the Philippines in jointly developing energy projects in the South China Sea, foreign ministry spokesman Zhao Lijian told a daily briefing on Friday.

Philippines President Rodrigo Duterte has lifted a moratorium on petroleum exploration in the South China Sea, paving the way for three projects to resume, including a possible joint venture with China

In the Philippines, Energy Secretary Alfonso Cusi said the government's move to lift a moratorium on petroleum exploration in the West Philippine Sea -- the part of South China Sea being claimed by the Philippines -- was a unilateral decision that Beijing is expected to respect.

“This decision was done unilaterally... It is a unilateral decision by the [Philippine] government,” Cusi said in a virtual press briefing on Friday.

While the lifting was a unilateral decision, the Philippines, he said, is confident that it can resume activities in the West Philippine Sea “freely,”

“I cannot speak on behalf of China, but based on their pronouncements, we can do our activity freely as the country that has the economic rights,” Cusi said.

Cusi also said he did not expect the move to affect a memorandum of understanding between the two countries on a possible joint development in the disputed waters as well as joint venture talks among exploration companies.

In 2015, the DOE suspended all drilling and exploration works in the West Philippine Sea, particularly in the area covered by Service Contract (SC) 72 in the Reed Bank, citing a force majeure as the site is the subject of a territorial dispute between the Philippines and China.

In 2019, the Energy department asked the DFA to lift the moratorium covering the disputed waters.  —with Reuters/KBK, GMA News