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

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.

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