Beijing: China state-owned offshore oil and gas producer, CNOOC, is in talks with a UK/Philippine joint venture energy firm for an oil and gas exploration deal in part of the disputed South China Sea.
The two companies plan to develop an area of the Reed Bank at a preliminary stage. Both China and the Philippines would have to approve the deal, Jericho Petilla, Manila’s Secretary of Energy said.
Two years ago, Chinese vessels drove away a Philippine exploration vessel at the Reed Bank. The territorial issues between the two countries over parts of the South China Sea have worsened in recent years. [24/03/13]
