Philex Mining, CNOOC Shelve Recto Bank Joint Development Talks

Philippines based Philex Mining Corp. and China National Offshore Oil Co. (CNOOC) have shelved talks over the joint development of the gas-rich Recto Bank in South China Sea, an area claimed by both Manila and Beijing, says Manila Standard Today.

Talks are not likely to be revived soon, Philex Mining chairman Manuel Pangilinan said, reports the newspaper.

Philex Mining owns 64.45 percent of Forum Energy Plc, which holds a 70-percent interest in Service Contract 72 (SC 72), including Recto Bank.

“We have not heard from them in a few months… Well, I guess by default. There is no communication to that effect.  The communication just died down,” Manila Standard Today quotes Pangilinan as saying.

SC 72 is estimated to contain as much as 16.6 trillion cubic feet of gas and 416 million barrels of oil.

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