Philippines to Start Drilling for Gas in South China Sea Next Year

Philex Petroleum will likely begin start drilling next year at a potentially massive natural gas field at a reef in the South China Sea also claimed by China, AFP reported.

The drilling of two appraisal wells at Reed Bank will be carried out by August 2013, said Philex Petroleum Chairman Manuel Pangilinan.

“We need to do a lot before we know the amount of resources beneath those waters,” he told stockholders.

Philex Petroleum said last month the field at Reed Bank could hold 4.66 trillion cubic feet (TCF) of gas, nearly twice as much as the Philippines' largest known deposits.