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Earlier this month Philippines President lifted the 6-year ban for advancing oil exploration with China in the South China Sea. The moratorium was ended to exercise the Philippines exclusive right in the area and also to have actual projects talks with the Chinese entities. The moratorium was the part of the South China Sea arbitration case which was ruled in the favor of the Phillippines in 2016.
According to the source, Ratio Oil Exploration, an Israel company, will sign a deal related to the search of oil and gas in the Philippines. This deal is a long- awaited one. Back in 2015, the company was awarded an Exploration deal, a 416,000-hectare East Palawan block of Palawan. This award got delayed because of several legal issues related to the previous exploration contract of that block.
Wood has secured a new contract from Shell, for a period of 6 years. The contract pertains to the Malampaya project of Shell in the Philippines. Wood has to provide offshore resources in the Malampaya field and maintanence, modification and shutdown support services for Batangas facilities of Shell. CEO of Wood said that this represents the broad capabilities of the combination of Amec Foster Wheeler and Wood Group.
Phoenix Petroleum has stated that it has signed a MoU with Chinese-CNOOC Gas and Power Group Co Ltd for the development of a LNG terminal in Philippines. The companies have mutually agreed to ‘study, plan, and develop’ the LNG project, which will result in a broadened portfolio for Phoenix Petroleum. Several power plants with a total generating capacity of more than 3,000 megawatts are facing problems due to LNG shortage.