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Oil drilling group gets 2-year extension

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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.

Posted: January 28th, 2013 in Editor's Pick,Headlines | Read More »

Resumption of oil-drilling talks seen

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Manuel V. Pangilinan.  INQUIRER file photo

Businessman Manuel V. Pangilinan is hoping to resume by early next year talks with state-owned China National Offshore Oil Co. (CNOOC) on its possible acquisition of a stake in the Recto Bank exploration project off the West Philippine Sea.

Posted: November 19th, 2012 in Headlines | Read More »

MVP group firm on gas drilling plan

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The group of businessman Manuel V. Pangilinan is committed to the drilling work program at the Recto Bank prospect under a gas exploration concession agreement with the Philippines, which is embroiled in a territorial dispute with China in the West Philippine Sea.

Posted: July 23rd, 2012 in Headlines | Read More »

Palace on Recto Bank gas exploration: Sovereignty not an issue

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Presidential spokesman Edwin Lacierda.  DZIQ photo

Malacañang on Thursday said that sovereignty was not an issue when it came to the gas exploration at Recto Bank.

Posted: June 29th, 2012 in Editor's Pick,Featured Gallery,Headlines,Photos & Videos | Read More »

Pangilinan may drop China from exploration venture

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Manuel V. Pangilinan.  INQUIRER file photo

For businessman Manuel V. Pangilinan, the country comes first. The chairman of Philex Petroleum Corp. said he would abandon a proposed partnership with state-owned China National Offshore Oil Corp. (CNOOC) if the sovereignty or commercial issues involving the disputed Recto Bank are not resolved to the satisfaction of his group and the Philippine government.

Posted: June 28th, 2012 in Latest Business Stories | Read More »

Aquino backs gas project in Recto Bank

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President Benigno Aquino III. FILE PHOTO

President Aquino said Monday the government was fully behind the gas exploration project being undertaken at the Recto Bank by businessman Manuel Pangilinan with a Chinese company as well as the latter’s bid to expand his foreign partners in the venture.

Posted: June 25th, 2012 in Editor's Pick,Headlines | Read More »

Pangilinan eyes more partners in West Philippine Sea gas exploration

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Manuel V. Pangilinan.  INQUIRER file photo

Businessman Manuel V. Pangilinan plans to expand the consortium undertaking gas exploration in the Recto Bank, which is part of the territory disputed by the Philippines and China, to “internationalize” and “de-politicize” the concession area while boosting the financial and technological muscle for the project.

Posted: June 23rd, 2012 in Latest Business Stories | Read More »

Aquino urges banana exporters to diversify market

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Arakan, North Cotabato women wash Cavendish bananas ready for export as this  mountainous town has become a center for agribusiness in Central Mindanao area. With GSP privileges, the Philippines will be able to export bananas, among others, to the US without having to pay corresponding tariffs.  PHOTO BY PINOY GONZALES/PDI CONTRIBUTOR

President Benigno Aquino on Monday told banana exporters reeling from the stringent rules imposed on their product by China not to put all their eggs in one basket and to diversify their market.

Posted: May 15th, 2012 in Latest Business Stories | Read More »

Pangilinan, Razon: Titans clash over oil deal with Chinese firm

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Ports tycoon Enrique Razon is opposing a plan by Philex Mining Corp. chair Manuel Pangilinan to bring in a Chinese company as a partner in tapping natural gas deposits in Recto Bank off the coast of Palawan province.

Posted: May 9th, 2012 in Editor's Pick,Headlines | Read More »

DoE may opt to extend license of SC 72 explorers

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The Department of Energy (DoE) can extend the license of Service Contract 72 should the project proponents find it difficult to implement their program at the highly prospective Recto Bank amid the territorial dispute involving China and Taiwan.

Posted: April 30th, 2012 in Headlines | Read More »

Forum Energy seeks partners

Forum Energy PLC is shopping around for potential partners in the exploration and development of the Recto Bank, which is estimated to hold about 16 trillion cubic feet of natural gas.

Posted: April 27th, 2012 in Headlines | Read More »

Forum Energy to explore Recto Bank next year

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Forum Energy Plc may spend anywhere between $70 million and $100 million to finally drill a deepwater exploration well within the contested Recto Bank by next year, as it targets to tap gas-rich blocks within the area.

Posted: November 24th, 2011 in Latest Business Stories | Read More »

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