Philippines prepares to open Reed Bank blocks for exploration

By Staff reporter 13 July 2017

The Philippines is preparing to open oil and gas exploration blocks in the Reed Bank area to competitive bidding in December, according to Reuters.

Exploration was suspended in 2014 following the decision to go to the International Court of Arbitration to question China’s claims to the area.

Philippine President Rodrigo Duterte has been trying to improve relations with China and has proposed joint exploration of resources around the Reed Bank.

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