CNOOC has not come back on oil exploration plans

Despite the red carpet being rolled out for it by the Philippine government and prospective local firm-partners, China National Offshore Oil Corporation (CNOOC) has not returned yet on targeted petroleum exploration ventures in the country.

For the Recto Bank oil and gas exploration activity, PXP Chairman Manuel V. Pangilinan said the Chinese firm has not gotten back to them for definitive action plan on the targeted extended seismic survey and drilling in the block.

“No talks recently. I’m just assuming that they (CNOOC executives) have not gotten permit from their government yet to talk to us,” he said.

Pangilinan disclosed that PXP Energy reached out to them again just several weeks ago, and when media asked about the Chinese firm’s response, he said “zero.”

The business magnate qualified though “my guess is that, they have not been given permission by their government to talk to us, I’m just guessing. I don’t know them that well, I don’t know how the Chinese government works – and it’s none of my business, that’s why I’m just guessing.”

CNOOC’s re-entry into the Recto Bank oil and gas exploration venture is via the fresh initiative of Davao businessman and Presidential friend Dennis Uy, who invited the Chinese company for a tie-up with his Dennison Holdings Corporation.

That Dennis Uy firm in turn had subscribed into the shareholdings of PXP Energy of the Pangilinan Group, as well as in Philex Mining Corporation for aggregate value of 14.03 billion.