MANILA, Philippines - The Department of Energy (DOE) remained firm the moratorium on oil and gas exploration in the West Philippine Sea will stay even as the recent ruling made by the UN Arbitral Tribunal was favorable to the country.
“The moratorium stays. We’re exploring ways to resolve the conflict peacefully and we follow the lead of the President,” DOE spokesman Felix William Fuentebella said in a text message.
Earlier, Philex Petroleum Corp. sought a meeting with DOE Secretary Alfonso Cusi to discuss forward plans in service contracts (SC) it holds in view of the recent ruling made by the UN Arbitral Tribunal.
Philex owns a 67.19 percent direct and indirect interest in Forum Energy Ltd., which has a 70 percent operating interest in SC 72 covering the Recto Bank. It also has a direct operating interest of 50 percent in SC 75 northwest Palawan.
Exploration activities in SC 72 and SC 75 were suspended in December 2014 and 2015, respectively, due to a maritime dispute between the Philippines and China.
Cusi said the agency is still evaluating the actions related to the ruling made by the UN body in the disputed waters.
He also said the Department of Foreign Affairs (DFA) will be the main agency for the assessment.
“The DFA will be assessing the overall implications of the verdict in coordination with other agencies of the government among them the Department of Energy,” he said. “The Philippines reiterates its abiding commitment to pursue a peaceful resolution of disputes in the South China Sea and promote peace and stability in the region through diplomacy and consultations.”