Chinese oil firm eyes RP prospects

The state-owned China National Offshore Oil Corp. (CNOOC) is studying the possibility of participating in the bidding for the Public Contracting Round (PCR-I), a Department of Energy (DOE) official said.

Under the PCR-I, the DOE will open for bidding 48 oil and gas exploration blocks in Palawan and Sulu Sea. The bidding is set to be conducted on March 2004.

"They (CNOOC) may look at it. They can begin now and find something as soon as possible. We will make available all the seismic data under the PCR-I for them to consider," Energy Undersecretary Eduardo Mañalac said.

A delegation from CNOOC visited the Philippines and signed a letter of intent (LOI) with the PNOC-Exploration Corp. for a potential joint venture partnership in the oil and gas exploration in the South China Sea, particularly in offshore Northwest Palawan where the biggest gas find of the Malampaya consortium is located.

The energy official also clarified that CNOOC and EC will not explore the Spratlys to avoid any conflict of interest. Both oil firms are state-owned and publicly-listed.

CNOOC president Fe Chengyu said they would be forming a working team in the next three weeks to conduct feasibility studies and review existing seismic data.

"We will try to study first and then firm up how much we will invest in the project," Fu said. – Donnabelle Gatdula