Business and Economy
Lifting of oil exploration ban to pump prime PH amid pandemic
The government’s unilateral decision to lift the moratorium on oil and gas exploration in the West Philippine Sea will bring investments that create jobs in the next five years, the top energy official said Monday. (PNA Photo)
MANILA – The government’s unilateral decision to lift the moratorium on oil and gas exploration in the West Philippine Sea will bring investments that create jobs in the next five years, the top energy official said Monday.
In a Palace briefing, Department of Energy (DOE) Secretary Alfonso Cusi said the lifting of the oil and gas exploration has allowed service contract holders to resume their exploration of new energy sources in the West Philippine Sea.
Cusi said there were five service contract holders doing oil and gas exploration in the West Philippine Sea before the ban on oil and gas exploration.
He added these service contractors have work programs that will run for five to six years, and that translate to new investments and job generation.
Last week, the DOE said service contract holders are estimated to pour in USD25 million upon lifting the moratorium, and increase these investments to USD78 million as they fulfill their work commitment programs.
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“Those are important things that will pump-prime us amid the pandemic,” Cusi said.
The DOE chief said there are three other applicants for service contracts in the West Philippine Sea that the DOE is evaluating on top of the five awarded deals.
“It gives hope for all of us to find a new source of energy that would ensure our energy security in the future,” he added.
Matured relation with China
The Aquino administration imposed the moratorium on oil and gas exploration in the West Philippine Sea in 2012 due to tensions with Beijing over the disputed waters.
Cusi said that since President Rodrigo Duterte took office, the country’s bilateral relations with China have improved and “reached maturity”.
Cusi added he has not heard any “adverse reaction” from China about the unilateral decision of the Philippines to lift the ban on oil drilling activities in the West Philippine Sea.
“Because of the maturity of our relation, if there will be (a) protest, it will be done diplomatically. And the Philippines, in our Constitution, we have our own obligations to respond accordingly,” the DOE chief said.
In 2018, Manila and Beijing signed a memorandum of understanding that served as a blueprint to move forward discussions on oil and gas cooperation.
Exercise of sovereign rights
Cusi further said the decision to lift the moratorium is an exercise of the Philippine government’s sovereign rights.
“(T)o explore the joint development program or cooperation with China in no way weakens or gives away our sovereign rights,” he added.
Meanwhile, Presidential Spokesperson Harry Roque said the government, as part of its sovereign rights, has the power to decide to share its exclusive rights.
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“Although sovereign rights is defined as the exclusive right, that exclusive right may be shared by others. The decision to share it is part of the sovereign rights,” Roque said.
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