Philex, CNOOC Discuss Partnership for South China Sea Gas Block

Philex Mining Co. is keen on partnering China National Offshore Oil Corp. to develop natural gas field at the disputed Recto Bank, company’s Chairman Manuel Pangilinan told reporters Tuesday.

The chairman said that it is necessary for the company to partner with international oil major that have the expertise and capital to exploit the potential fully.

The meeting took place in Beijing, Pangilinan told reporters.

Estimates indicate prospect resources of at least 4.666 trillion cubic feet of gas, nearly double existing reserves at the Malampaya natural gas field.