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Oil drilling group gets 2-year extension

Project delayed by Philippine-China sovereignty row

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Forum Energy Plc has secured a two-year extension for its work program under Service Contract 72, Philex Petrolem Corp., a major shareholder, said on Monday, Jan. 28, 2013.

Forum Energy Plc, which is exploring for oil and gas within the highly contested Recto Bank off the West Philippine Sea, has secured a two-year extension for its work program under Service Contract 72.

Philex Petrolem Corp., a major shareholder in Forum Energy, reported to the Philippine Stock Exchange on Monday that the Department of Energy granted the extension for the drilling of appraisal wells.

“The deadline for completion of the second sub-phase, comprising the drilling of two appraisal wells, has now been extended by two years to Aug. 14, 2015,” the disclosure read.

The two-year extension was needed as the consortium that operates SC 72 has been facing delays due to sovereign claims issues.

Philex Petroleum chairman Manuel V. Pangilinan earlier said that it would already be difficult for the group to complete its planned $75-million exploration well drilling by August this year as it has yet to secure the permits it needed.

Forum Energy, which owns 70 percent of the SC 72 license, and Monte Oro Resources Energy, which holds the remaining 30 percent, were supposed to start drilling the first of the two appraisal wells within the highly prospective Sampaguita prospect by March this year.

The group, however, has yet to secure approval to proceed with the geotechnical survey needed prior to drilling. The SC 72 consortium has sought for the permits from the Department of Energy in July 2011.

“I would say it’s unlikely [that we complete the drillings] given that the weather window is March to April and it takes a while to mobilize. In our work program, we need a survey first on site to determine the sea basin for stability for an oil rig, on a certain size and weight, plus to determine the baseline on where we will drill—that’s the requirement of the government,” Pangilinan explained.

The DOE earlier announced that that it has deferred to the Department of Foreign Affairs the decision to grant permits concerning the exploration and drilling activities at the highly contested Recto Bank because the area was part of the disputed waters being claimed by China.


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  • junsepara

    kung australiano pa nabigyan ng lisensya, matagal na tayo nagkaroon ulit ng langis!!! itong si pangilinan remnants ito ni makoy, gusto maging ka partner mg tsekwa!!

  • oh_noh

    wala bang report kung magkano ang ang planong mapupunta at aktwal na napupunta sa kaban ng bayan?

    ito dapat ang atupagin ng media!

  • junsepara

    ang lakas talaga nitong pangilinan, wala pang ginagawa, nagpupumilit pa maging kakutsaba ang mga intsiktos ngayon nakahirit pa ng 2 years extension!!! medyo nagamitan na naman ng pera ito, sa dulo nito, naibenta nya na sa intsiktos ang langis na natin pati pilipinas, mukha natin may made in china nang tatak!!!

  • https://me.yahoo.com/a/sP5wTY4WhY2atjuLYgNDAxh3fUWHF_yO7TQ-#996b6 shojikarada

    hmmmm

  • http://pulse.yahoo.com/_AYITA5V33GYZSLC3G37UCVNTKA Ben

    I have reservation with this Forum company led by Philex Pangilinan, but I would be glad if I`m wrong. We all know as said even in NYTimes China is using her money clout through her companies or Companies friendly to China…and this Forum shows it by trying to tie up with CNOOC of China.

    The country must in earnest find ways to upgrade our technology, allow foreign companies to set up factories or businesses here as well as the most important ones, research and development in our country other than China or friends of China with money for they are just a front of Chinese hegemony effort to win the future battle. Chevron or any other US companies interested to develop our oil industry must be welcomed as part of free enterprise to maintain a healthy competition but we should also include our government PNOC to learn the technology and avoid one company dictating terms and provide us assurance, any attack on them is tantamount to attacking US assets and the US will not be sitting by to watch it. General Electric must be asked to set up shop in the Philippines with its wide technology clout including in the production of turbines and jet engines, we can encourage a technology transfer to help us build our ships and airplanes. Boeing can be asked to set up research and development as well, and factories in our country offering our low cost site to counter their budget crunch, all foreign technology juggernaut should be asked to relocate in our country and encouraged to set up R& D and allow the US delegation`s financial companies to make their presence here too. The country must free up the constitution to allow our economy to reach 8% and beyond GNP/GDP growth to quickly industrialize and fund the Philippine AFP modernization, we must add more terms for presidency but allow check and balance to work if in case of bad presidents, allow the provinces to industrialize by federalizing. Complacency can cause us our future, Scarborough is now effectively under the Chinese control…as Sen. Trillanes brokered a pull out that allowed China to return and rope off the area and up to now continuously being patrolled by China…after Mischeif reef and Scarborough shoal..what are we willing to give up next?

  • cunninghum

    It is well within our territory, it is our oil and nobody can claim it.  

  • truth_will_set_us_free

    WHAT IS OUR IS OURS. PERIOD.

  • truth_will_set_us_free

    RED CHINA WILL NOT GET EVEN ONE DROP OF OIL.

    • magiting78

      I will give them 50% I will spray on to their air in burn it lolz….

  • http://www.facebook.com/profile.php?id=100000405903680 Garo Ungaro

    As long as the Philippines 25% share safe secure why not, chinese/foreign proxies 
    investitures is fine.

    • junsepara

      this is wrong with chinks modus operandi, just like what they tried to do here where I am, they tried to buy mines but want to be manned and operated by their own people, it is cheaper than paying the locals, the strong union opposed it, so it never happened!!all over the world this is what they are doing, any local products from sandals to white goods to everything, they will shipped the design and copy it and brought back made in china more cheaper than the locally made product that locals could not compete.
      this is what’s going to happened if they get hold of our oil, their people will do it, they are more cheaper and can be controlled knowing what commie system are, they will not allow locals or pinoys. it is like looking at our land but never touching it, this is whats going to happen if pangilinan and his crook chinks CNOOC will do!!!



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