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2018-11-28 12:35:00

CHINA, PHILIPPINES AGREEMENT

CHINA, PHILIPPINES AGREEMENT

OGJ - The governments of China and the Philippines have signed a memorandum of understanding for cooperation in oil and gas exploration and development, easing a territorial dispute in the South China Sea.

The MOU was one of a series of documents signed on various subjects during meetings in Manila between Chinese President Xi Jingping and Philippines President Rodrigo Duterte.

In 2016, the Philippines government won a United Nations arbitration challenge to China's claim to nearly all the South China Sea. Brunei, Malaysia, Taiwan, and Vietnam also challenge the Chinese territorial assertion.

The Philippines wants to include an area it calls Rector Bank, which China calls Reed Bank, in a future licensing round. It suspended exploration of the area in 2014 because of the territorial dispute but wants exploration to advance before deepwater Malampaya gas field offshore Palawan depletes. The country depends heavily on Malampaya gas for power generation.

Duterte has not pressed for enforcement of the arbitration ruling. His government began discussing joint exploration with China last year.

In a joint statement in Manila, the governments agreed "to exercise self-restraint in the conduct of activities in the South China Sea that would complicate or escalate disputes and affect peace and stability."

 

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Earlier: 

 SOUTH CHINA SEA OIL TRADE
2018, August, 29, 10:35:00

SOUTH CHINA SEA OIL TRADE

U.S. EIA - The South China Sea is a major trade route for crude oil, and in 2016, more than 30% of global maritime crude oil trade, or about 15 million barrels per day (b/d), passed through the South China Sea.

 

 SOUTH CHINA SEA DRILLING
2018, May, 18, 08:30:00

SOUTH CHINA SEA DRILLING

REUTERS - “We urge relevant parties to earnestly respect China’s sovereign and jurisdictional rights and not do anything that could impact bilateral relations or this region’s peace and stability,” the spokesman, Lu Kang, told a regular news briefing on Thursday.

 

 SOUTH CHINA SEA TENSION
2018, April, 4, 09:20:00

SOUTH CHINA SEA TENSION

BLOOMBERG - Vietnam’s state-owned oil company said South China Sea tensions will hurt oil and gas exploration and efforts to attract foreign investment to offshore fields.

 

 SOUTH CHINA SEA OIL
2018, March, 5, 11:25:00

SOUTH CHINA SEA OIL

REUTERS - Any deal between the Philippines and a Chinese firm to jointly explore for gas in the Reed Bank of the South China Sea will be illegal unless China recognizes the southeast Asian nation’s sovereign rights there, a Philippine judge said on Monday.

 

 SOUTH CHINA SEA OIL
2017, November, 29, 09:40:00

SOUTH CHINA SEA OIL

OGJ - Phase II production from Weizhou 12-2 oil field has been brought on stream, CNOOC Ltd. said of its project in Beibu Gulf in the South China Sea.

 

 SOUTH CHINA CEA CALM
2017, November, 13, 10:40:00

SOUTH CHINA CEA CALM

Vietnam’s state television said Chinese President Xi Jinping had told Vietnam’s General Secretary Nguyen Phu Trong he wanted to work with Southeast Asian nations on a code of conduct in the sea. China’s Xinhua news agency said China and Vietnam had agreed to properly handle maritime issues and strive to maintain peace and stability.

 

 SOUTH CHINA SEA LNG
2017, November, 3, 12:15:00

SOUTH CHINA SEA LNG

The South China Sea is a major route for liquefied natural gas (LNG) trade, and in 2016, almost 40% of global LNG trade, or about 4.7 trillion cubic feet (Tcf), passed through the South China Sea.

 

 

Tags: CHINA, PHILIPPINES, SOUTH CHINA SEA