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Philippines' PXP Energy in talks with CNOOC on S.China Sea development

Published 10/19/2020, 10:21 AM
Updated 10/19/2020, 10:30 AM
© Reuters.

MANILA, Oct 19 (Reuters) - 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 PXP.PS 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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