The Chinese Embassy in the Philippines on Thursday said Beijing remains committed to pursuing joint development of oil and gas with the Philippines in the disputed waters in the South China Sea.
“Our position on joint development of oil and gas with the Philippines remains,” the embassy said.
The embassy issued the statement following suggestions for the government to consider an independent oil and gas exploration in the West Philippine Sea.
Earlier, President Marcos said the Philippines will “find a way to move the process forward” for oil exploration projects despite ongoing tensions in the West Philippine Sea.
“It’s imperative for the Philippines to find a way to move the process forward so as to be able to assure ourselves of a fuel supply during that transition period,” he said in an interview with NHK in December.
Mr. Marcos admitted negotiations with China for joint oil and gas exploration in the WPS, particularly in Recto Bank (Reed Bank), have remained stalled.
“We are still in a deadlock right now… We have been in negotiations for over three years now, and have made very little progress,” the President added.
Mr. Marcos said as far as the Philippines is concerned, Recto Bank “is not in a conflict area.”
“This is very clearly within our EEZ (exclusive economic zone). It is certainly within our baselines, within the maritime territory of the Philippines. So whatever it is that we will do in the future, it has to be consistent with that understanding,” he said.
The President did not say whether China is still being considered as a partner for the new oil exploration efforts or if new partners are being eyed.
A 2013 United States Energy Information Administration report claimed Recto Bank could hold up to 5.4 billion barrels of oil and 55.1 trillion cubic feet of natural gas.
The Arroyo administration approved a joint exploration deal among Philippine, Chinese, and Vietnamese firms in the South China Sea in 2005, which the Supreme Court ruled was unconstitutional.
In 2018, Manila signed an agreement with Beijing to cooperate on oil and gas development as a way to benefit from the resources in the waterway while setting aside the territorial dispute.
The Philippines, however, announced in June 2022 it terminated talks with China for the joint energy project after then President Rodrigo Duterte ordered an end to negotiations.
In January, Mr. Marcos told Chinese President Xi Jinping negotiations for joint oil and gas explorations would resume, but Beijing’s continued aggressive actions in the WPS have made it difficult to restart the talks.