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.
In a briefing Thursday, Philex Mining Corp. chairman Manuel V. Pangilinan said there was a need to tap more experienced companies as it would require billions of dollars, expertise and marketing power to be able to bring the Recto Bank into commercial production.
Philex Mining, through its subsidiaries FEC Resources Inc. and Philex Petroleum Corp., holds 64.45 percent of the issued capital of Forum Energy.
Forum Energy, meanwhile, holds a 70-percent stake in Service Contract 72, which covers Recto Bank. The remaining 30 percent is held by Monte Oro Resources Energy.
Forum Energy recently announced an increase in the estimated reserves within its contract area to 16 trillion cubic feet from previous estimates of 3.4 trillion.
Such a huge reserve is enough to supply the country with natural gas for the next 100 years, according to Energy Secretary Jose Rene D. Almendras.
Pangilinan, however, admitted that pursuing exploration and development work would be a challenge.
“There’s always that possibility [of delay] because of political concerns. Issues are being raised between Philippines and China, and there are other claimants as well so that has to be sorted out. There’s a possibility of delay if Chinese gunboats appear on the horizon,” Pangilinan said.—Amy R. Remo
