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Int’l firms not interested in Philippine invitation for bid on oil fields in S. China Sea

(People's Daily Online)

16:35, August 01, 2012

Edited and Translated by Yao Chun, People's Daily Online

On July 31, the Philippines conducted open tenders for the drilling rights of three oil and gas fields which are located in South China Sea. None of major international oil companies have bidden for these fields and the Philippines has only received tenders from six companies. Because these oil and gas fields are in China's territorial waters, major firms are not willing to bid in fear of losing China’s market, said experts.

Five out of the six companies that have bid for the oil and gas fields are Philippine firms. All the major international companies haven’t participated in the tender.

The only foreign company that bided for these fields is Pitkin Petroleum Plc, a British Petroleum company, which conducted this bid in cooperation with a Philippine firm. The Managing Director and CEO Arturoa Morado of Pitkin Petroleum Plc explained that they bid for these fields because they were of reduced political risks. He said: “China will have greater reactions in the waters far away from the Philippines.”

Jose M. Layug Jr., undersecretary of Philippine Department of Energy, told Manila Standard Today that the tenders they received are from mid-sized companies and they are satisfied with the auction results.

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