Halt on WPS oil search seen to discourage investments

Atienza, Kyle Aristophere T.

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.