Marcos: PH-China oil, gas exploration talks have moved forward

MANILA, Philippines — President Ferdinand Marcos Jr. on Friday said discussions between the Philippines and China on joint oil and gas exploration have already moved forward.

Marcos floated the idea of resuming talks with China on a joint oil and gas project in a disputed area of the South China Sea last March, adding that the conflict in the Middle East could spur progress in the negotiations.

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He and Chinese President Xi Jinping agreed in 2023 to restart talks on joint oil and gas development, but negotiations have stalled for years.

“Well, the discussion on the joint exploration for oil and gas has been going on for many, many years. But of course, it gained prominence. The discussion gained prominence in the recent past when we had our energy emergency,” Marcos said in the question-and-answer portion of his attendance at the Foreign Correspondents Association of the Philippines Presidential Luncheon.

“And where we are now, I think we have moved forward,” he also said.

Citing the limited fuel supply triggered by the conflict in the Middle East, Marcos highlighted the importance of partnering with other nations to secure natural resources should a similar situation arise in the future.

“We have to find ways so that should something like this happen again, where our supply of petroleum products is cut, the prices go up, and the effects that we cast on the daily lives of our people and the economy of the country is deeply affected,” he said.

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Like any joint venture, Marcos said the Philippines and China still need to define the terms of reference and other specifics for the proposed joint exploration.

He added that whether the joint oil and gas exploration would materialize before his term ends in 2028 would depend on the progress of the discussions.

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“The sense that I get is that all parties involved want it to succeed, and that is always a very good sign. I could not give you a definite timetable,” he said. /das