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NEWS & UPDATES | Joint marine seismic study ends; no word yet on extension |
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GMA News, Philippines 1 July 2008 MANILA, Philippines - A marine seismic study with China and Vietnam ends Tuesday amid unresolved issues that hounded its existence for the past three years. There is also no word yet on what the government plans to do next with the Joint Marine Seismic Undertaking signed by state-owned firms China National Offshore Oil Corp., Vietnam Oil and Gas Corp. and the Philippine National Oil Co. (PNOC) in 2005, for a $5-million joint study on potential petroleum resources. In a telephone interview, PNOC President Antonio M. Cailao said the agreement may be extended, but he is unaware of such plan being undertaken by PNOC-Exploration Corp. (PNOC-EC), which is handling the project. PNOC-EC is a subsidiary of PNOC for oil exploration. PNOC-EC officials were unavailable for comment. The study area covers about 143,000 square kilometers in the South China Sea, Reed Bank and the disputed Spratly Islands. Data from the first phase of the seismic survey that started on Sept. 1 and ended on Nov. 16, 2005 were processed in Vietnam. The three oil firms were looking into entering a second phase when the project was questioned on claims that the 2005 contract was forged in exchange for alleged anomalous Chinese contracts. Meanwhile, Senate Minority Leader Aquilino Q. Pimentel, Jr. said the contract should not be renewed. "Letting it lapse will strengthen our claim on the disputed area. Maintaining the agreement will not be good, especially if done secretly like what the government did. We can arrange for other ways to strengthen our hold on the area without the agreement," he told BusinessWorld. Aside from the Philippines, China and Vietnam, Brunei, Malaysia and Taiwan also claim ownership over the Spratlys, which are believed to have reserves of oil and natural gas.
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