Forum Energy moves exploration away from disputed Spratlys
MANILA, Philippines - Forum Energy Plc, a London-based oil and gas company, said yesterday that its area of exploration will not be part of the disputed Spratlys Group of Islands.
In a statement, Forum Energy said its geophysical survey exploration contract (GSEC) 101, which was recently converted to Service Contract (SC) 72, has a coverage of 880,000 hectares on the Reed Bank basin.
Reed Bank is at least 150 kilometers east of the Spratlys and is closer to the island of Palawan. The basin is about 71,000 square kilometers in area and located about 250 km west of Palawan. Earlier estimates indicated that total resources in the basin is around 440 million barrels of oil Forum Energy reported the other day that it has been allowed by the Department of Energy to start drilling in the South China Sea.
According to Forum Energy, its SC 72 is within the 200 nautical mile exclusive economic zone (EEZ) based on Republic Act 9522 or the Philippine Archipelagic Baseline Law signed on March 10, 2009.
RA 9522 defines the archipelagic baselines of the Philippines, while affirming Philippine sovereignty and jurisdiction over these areas which include SC 72.
Reed Bank has been subject of numerous exploration campaigns in the past under the Philippine contractual regime. – Donnabelle Gatdula
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