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    Halt on WPS oil search seen to discourage investments

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    Date
    April 21, 2022
    Author
    Atienza, Kyle Aristophere T.
    Metadata
    Show full item record
    Classification code
    BW20220421_S1/1
    Excerpt
    Economic and maritime experts on Wednesday warned that the government’s decision to halt oil exploration activities in parts of the South China Sea claimed by the Philippines would push firms to rethink their investments in the area. They issued the warning after listed firm PXP Energy Corp. was directed by the Department of Energy (DoE) to put on hold its exploration activities in its service contracts in the West Philippine Sea (WPS) until it secures clearance from a Cabinet cluster overseeing diplomatic and national security concerns. “Other service contractors have seen what happened to PXP, which already has a long-standing contract and the best prospects for development. If despite that, the Philippines remains unwilling to commit to the contract, I expect those other contractors to start thinking twice,” Jay L. Batongbacal, a maritime expert from the University of the Philippines, said in a Viber message.
    Citation
    Atienza, K.A. (2022, April 21). Halt on WPS oil search seen to discourage investments. Business World, pp. S1/1, S1/8.
    URI
    http://hdl.handle.net/20.500.12174/12673
    Associated content
    Online version
    Corporate Names
    PXP Energy Corp. Department of Energy (DOE) University of the Philippines (UPV) Asian Institute of Management Center fo Energy, Ecology, and Development International Energy Agency
    Personal Names
    Batongbacal, Jay Duterte, Rodrigo Rivera, John Paolo Andanar, Jose Ruperto Martin Ridon, Terry Arances, Gerry
    Geographic Names
    South China Sea West Philippine Sea Beijing Philippines
    Subject
    exploration disputes territorial waters exclusive economic zones government
    Collections
    • BusinessWorld [834]

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      Flores, Alena Mae S. (Manila Standard, January 4, 2019, on page B1)
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      Ang, Adam J. (BusinessWorld, July 16, 2020, on page S1/3)

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