China and the Philippines May Develop Gas Prospect

Reuters reported that the Sampaguita natural gas prospect in the South China Sea may be developed by Philippines-based Philex Petroleum Corp. and Chinese offshore oil producer CNOOC (NYSE:CEO).

Manuel Pangilinan, Chairman of Philex, commented:

Whether it’s the Chinese that we will eventually partner with or the non-Chinese, I think it is necessary for us to partner with an international oil major who have the expertise and the money.

(Sampaguita) will take six to 10 years to develop, that’s why it’s important for us to start now.

Click here to read the full Reuters report.