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Title: Dispute forces UK company to stop drilling in South China Sea
Source: [None]
URL Source: [None]
Published: Mar 6, 2015
Author: staff
Post Date: 2015-03-06 04:30:37 by Tatarewicz
Keywords: None
Views: 10

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A UK-listed company has been forced to suspend exploration in the South China Sea due to an ongoing territorial dispute between China and the Philippines.

Forum Energy, a UK-incorporated oil and gas exploration company with a focus on the Philippines, announced on March 2 that the Philippine Department of Energy has granted a force majeure on Service Contact 72 because the contract area falls within a disputed area subject to a UN arbitration process between the Philippines and China.

SC 72 is a Philippine government concession to extract oil and gas in the resource-rich Reed Bank, also known as the Recto Bank, situated about 85 nautical miles off the west coast of the Philippine province of Palawan in the South China Sea. It has been estimated that there is around 96.3 billion cubic meters of natural gas and 440 million barrels of crude oil in the bank.

According to the terms of the force majeure, all exploration work at SC 72 is suspended indefinitely until Philippine authorities notify Forum Energy that it may recommence drilling. Further updates on SC 72 will be made as and when appropriate, the notice said.

It has been speculated that the force majeure may have been sparked by regular patrols of the Reed Bank by Chinese military or coast guard vessels. In March 2011, the Philippine military complained that a Chinese boat had "harassed" a Philippine oil platform drilling in the region.

Last August, China sent two survey vessels to the Reed Bank, prompting an objection from Philippine president Benigno Aquino III. Beijing has also repeatedly declared that any country or company conducting resource exploration activities in China's territorial waters without its prior consent is breaking the law.

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