Oil and Gas
sector is all set to make a great comeback with lots of openings for
professionals in this industry. Recently, to resolve the territorial dispute in
South China Sea, a memorandum of understanding for cooperation is signed by the
governments of China and the Philippines in oil and gas exploration and
development. During the meetings in Manila, MOU was one of a series of
documents which has been signed on several subjects between Chinese President
Xi Jingping and Philippines President Rodrigo Duterte.
In the year 2016, a United Nations arbitration challenge was won by the Philippines government to China’s claim to nearly all the South China Sea. The Chinese territorial assertion was challenged by Brunei, Malaysia, Taiwan, and Vietnam.
In the year 2016, a United Nations arbitration challenge was won by the Philippines government to China’s claim to nearly all the South China Sea. The Chinese territorial assertion was challenged by Brunei, Malaysia, Taiwan, and Vietnam.
The Philippines also
looking to add an area known as Rector Bank, which China calls Reed Bank.In the
year 2014, it suspended exploration of the area due to territorial dispute.
However, they want advancement of exploration before deepwaterMalampaya gas
field offshore Palawan depletes. The country is quite dependent on Malampaya
gas for power generation. However, Duterte has not pressurised for enforcement
of the arbitration ruling and started discussion about the joint exploration
with China last year.
Government
issued a joint statement in Manila and 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.”
Formation of a steering committee that
includes countries’ foreign and energy ministries to generate cooperation
agreements within 12 months are also called by the oil and gas MOU.
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