Philippine firm to start drilling in Reed Bank

Philex Petroleum “board decided to start preparing for a possible drilling program of two wells, which was the original plan one or two years ago. We were told that [it] takes about 18 months to prepare for that so the earliest we could do the actual drilling is sometime in the first quarter of 2016,” Manuel V. Pangilinan said.

The said firm will start drilling in Reed bank even without a foreign partner. Philex, as previously reported, was negotiating with China National Offshore Oil Company, however, the talks is still unclear. “There have been a number of meetings with CNOOC in the early part of last year and nothing has happened since then. And so we’re trying to revive our discussions with them. So I dont know.”

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“We would seek to do that [drilling] subject to approvals of the government and of course I dont have any idea how China would react to such drilling program,” MVP added.

Reed bank or Recto bank is inside Philippine Exclusive Economic Zone, however, China claims the territory.

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