There is no need for the Philippine government to secure Chinese approval in extending the working permit of the drilling company tasked to explore for oil reserves at the Recto Bank.
This was stressed on Monday by Department of National Defense (DND) Secretary Voltaire Gazmin who said that the Philippines clearly owns the Recto Bank and that seeking permission from the Chinese government would mean that the country is recognizing China's claim in the area.
The DND chief also stressed that the
The Department of Energy (DOE) had earlier extended for another year the working permit of Forum Energy Plc., a subsidiary of Philex Petroleum Corp., for Service Contract (SC) 72, which covers the disputed Recto Bank.
It has granted the company’s request for an extension to the second sub-phase of SC 72.
“The deadline for completion of the second sub-phase, comprising the drilling of two appraisal wells, has now been extended by one year to August 15, 2016,” Philex said.
The contract was signed last July 10.
The area is estimated to contain prospective resources of as much as 16.6 trillion cubic feet of gas and 416 million barrels of oil.
http://www.pna.gov.ph/index.php?idn=1&sid=&nid=1&rid=664585
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