Service contract (SC) 57 in offshore Calamian northwest of Palawan is a joint venture among state-run PNOC Exploration Corp. (PNOC-EC), Mitra Energy Ltd. (MEL) – now Jadestone Energy Inc. – and China National Offshore Oil Co. (CNOOC), China’s state-owned oil producer.

The Department of Energy (DOE) has endorsed SC 57 to President Duterte for signing to start pursuing exploration in the area, Cusi said after the opening ceremony of the 35th ASEAN Ministers on Energy Meeting (AMEM) yesterday.

“We have already finished the documentation, the contract and we presented it already to the Office of the President. SC 57 is within the Philippine territory,” he said.

Cusi said the project has been pending since 2008 because of tax inclusion and other issues.

Read more at PhilStar

Click here for updated South China Sea news