Manila lifts exploration moratorium in bid to replace maturing Malampaya field

摘要

Philippines president Rodrigo Duterte has lifted the moratorium on oil and gas exploration in the West Philippine Sea (WPS), with the country’s energy secretary Alfonso Cusi subsequently issuing a “resume-to-work” notice for offshore licence holders. Exploration activity in the WPS has been suspended since 2014 due to territorial disputes with Beijing, however Cusi said the lifting of the moratorium was arrived “in good faith and with full regard of the ongoing negotiations between the Philippines and China”. The order sent the share price of WPS licence holder PXP Energy rocketing.