Philippines, China convene steering committee on joint exploration
MANILA, Philippines — The Philippines and China have officially convened an intergovernmental steering committee that will supervise projects under the two nations’ joint oil and gas exploration in the West Philippine Sea.
The Department of Foreign Affairs (DFA) announced yesterday that the Philippines-China Inter-Governmental Joint Steering Committee on Cooperation on Oil and Gas Development held its first meeting in Beijing last Monday.
“The committee had a candid, in-depth and friendly exchange on cooperation arrangements under the MOU and agreed to further push forward communication and coordination on oil and gas development, with a view to achieving progress in accordance with the MOU,” the DFA said in a statement.
Foreign Affairs Undersecretary for policy Enrique Manalo and Chinese Vice Foreign Minister Luo Zhaohui led their respective countries’ representatives at the meeting.
The DFA said both sides agreed to hold the second meeting of the committee in the Philippines in early 2020, with the exact date and place to be determined later.
China offered a 60-40 revenue sharing scheme in favor of the Philippines for any joint development.
- Latest
- Trending
