Philippines to Resume Oil Exploration in South China Sea
- PXP Energy shares surge by the most since 2012 in Friday trade
- China and the Philippines have a cooperation mechanism: Zhao
Rodrigo Duterte
Photographer: Tomohiro Ohsumi/BloombergThis article is for subscribers only.
The Philippines lifted its moratorium on oil and gas exploration in disputed areas of the South China Sea, a move that was welcomed by China and boosted the shares of the Southeast Asian nation’s energy producers.
Resume-to-work notices were issued to Philippine National Oil Company-Exploration Corp., PXP Energy Corp. and unit Forum Ltd., which operate service contracts within the disputed areas, according to Energy Secretary Alfonso Cusi. Bids of Udenna Corp. and PXP Energy to explore three new areas are under review and may be subject to competitive challenge.