Philex Petroleum (PXP), part of Manny V. Pangilinan’s group of companies, has been eyeing to explore the Reed Bank or Recto Bank again once the natural gas project has been restarted by the Department of Energy (DOE).
The said project has been stopped by the past Aquino administration because of the dispute over the West Philippine Sea wherein the Reed Bank is located.
In a report by ABS-CBN, Philex Petroleum President Dan Carlos said in an interview on ANC’s “Business Nightly” said that the company has already brought a letter of request to allow and restart the project after the ruling of The Hague.
Carlos said that he expects to meet with DOE secretary Alfonso Cusi this coming August. Carlos also believes that the Reed Bank has more natural gas and oil compared to Malampaya.
In earlier reports, international surveying firms said estimated that the Reed bank might contain about 4.6 trillion cubic feet of natural gas and about 115 million barrels of oil. That’s enough to last up to a century!
Explorations at the said region have been started since 1970 but was then stopped due to territorial disputes. The immediate starting of the operations in the Reed Bank natural gas project is needed as Malampaya might be out of gas after 10 to 12 years. The Reed Bank or Recto Bank was included in the disputed areas in the West Philippine Sea.
According to the Department of Energy, the Reed or Recto Bank was an “Untapped Mountain of Gold” because of the richness of the natural resources on it.
Meanwhile, the PXP is planning to get contracts from foreign partners once the natural gas project has been restarted.
Will the exploration of the Reed bank be started again? Or will be disallowed even with the ruling of the Permanent Court of Arbitration?
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