Exploration & Production

Manila relying on Beijing to shoulder cost burden on joint project – report

The Philippines is counting on China to pay for the bulk of a $7.5 billion gas project in the South China Sea.
By Staff reporter 11 May 2018 0 30829

The Philippines is counting on China to pay for the bulk of a $7.5 billion gas project in the South China Sea under a proposed joint exploration and development agreement, according to Philippine newspaper SunStar.

President Rodrigo Duterte has offered Beijing a 40% share of the project as it will supply most of the financing. The Philippines has signed previous agreements with foreign oil companies that have given them greater than a 40 share.