Tuesday, 02 January 2024 12:17 GMT

Mooted South China Sea Oil Deal With China Draws Fire In Manila


(MENAFN- Asia Times) MANILA – Legislators, nationalists and other experts in the Philippines on Thursday questioned a proposed oil exploration deal with China in the disputed and mineral-rich South China Sea, which they warned would send mixed messages to a territorial foe.

Talks of a possible oil exploration deal resurfaced last month after both countries convened the 11th Bilateral Consultation Mechanism on the South China Sea, which is claimed nearly wholly by Beijing and contested in parts by several Southeast Asian nations.

The Philippines has been leading the charge on the issue after it won a 2016 international arbitration ruling that invalidated China's vast claims in the South China Sea.

At the conclusion of talks last month, both sides acknowledged the importance of energy cooperation after the US and Israeli-led war on Iran choked oil supplies to much of the world.

The Philippines has been hit especially hard, forcing President Ferdinand Marcos Jr. to declare a national energy emergency last month and seek alternative oil sources to augment a rapidly declining buffer stock. Prices of basic commodities and pump prices have shot up as a result.

While the Philippines stuck to its“principled position” on the South China Sea, it acknowledged openness to certain practical measures consistent with its laws. This includes“initial exchanges on potential oil and gas cooperation,” a joint statement said, without going into specifics.

The hostilities in the Middle East have choked oil supply and disrupted supply chains around the world, and may have actually provided an“impetus” for both countries to move forward on joint oil exploration, Marcos said separately.

MENAFN09042026000159011032ID1110962654



Asia Times

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.

Search