Now, nine blocks covering an area of 160124.38km2 are available for exploration and development cooperation between China National Offshore Oil Corporation ("CNOOC") and foreign companies.
The Philippines also has conflicting claims over what it terms as the West Philippine Sea. In particular, the Malampaya and Camago natural gas and condensate fields are in Chinese-claimed waters.
The projects necessitating new investments are seen to further benefit the Philippines in energy self-sufficiency and government revenues. It is also seen to continue as a major source of power for Luzon’s energy requirements in years to come.
Malampaya is one of the largest and most significant industrial endeavors in Philippine history. A joint undertaking between the Philippine national government and the private sector, spearheaded by the DOE, developed and operated by Shell Philippines Exploration B.V. on behalf of joint venture partners Chevron Malampaya LLC and the PNOC Exploration Corporation under SC38.
The competing claims between China, the Philippines, Vietnam, Brunei and Taiwan over the hydrocarbon rich South China Sea will continue to influence relations between these coastal nations even as diplomatic efforts continue to be influenced by the military posturings by each nation's military establishments and leaderships.
|Nine oil exploration blocks are being|
offered to investors by China via CNOOC