A formula for the Philippines, China, and Vietnam in the West Philippine Sea-South China Sea and other participants
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At some point now or sooner than later, the claimants in the South China Sea/West Philippine Sea will have to sit down and agree on a seismic and oil exploration program to be followed by a definitive oil drilling and development schedule for a satisfactory commercial petroleum discovery which is anticipated. This should include a detailed and definitive agreement in the event of marginal hydrocarbon discoveries, non-commercial in volume, and must be followed through by a series of exploration activities in the areas with reasonable looking anticlines or likely oil-bearing structures before the areas are given up, or abandoned, or preserved for other uses by succeeding generations. The anticipated agreement should include sharing of exploration expense, the more expensive development costs in the event of commercial discovery, distribution of export petroleum to refineries in the Philippines, China, and Vietnam, and/or third-party international buyers, and an agreement on a second-round or third-round of exploration areas nearby or in much farther locations.
De Venecia, J. C. Jr. (2019, April 21). A formula for the Philippines, China, and Vietnam in the West Philippine Sea-South China Sea and other participants. Manila Bulletin, p. 14.
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