The Philippines should be open to partnerships with foreign corporations in finding new oil and gas sources within the West Philippine Sea, senatorial candidate Gilbert “Gibo” Teodoro said on Thursday.
The former defense secretary made the pitch as he expressed his support to efforts aimed at exploring the WPS as long as the deals adhere to the Constitution.
“The Constitution states that in terms of oil, maritime, and other resources in our territorial sea and exclusive economic zone, the State can only enter into financial and technical assistance agreements with foreign corporations. It doesn’t state countries but foreign corporations,” Teodoro said. Teodoro said the government should also accelerate discovery and drilling activities for new oil and gas sources to lessen its dependency to imported oil and gas.Likewise, Teodoro added that pursuing oil and gas exploration activities in the West Philippine Sea will likewise reflect the Philippines’ gain from The Hague ruling.
The 2016 ruling showcases the Philippines’ victory in its arbitration case against China before the Permanent Court of Arbitration in The Hague, Netherlands. The ruling invalidated China’s nine-dash line claim that covers nearly the entire South China Sea where some parts are within the jurisdiction of the country’s exclusive economic zone .
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PH bracing ahead for P100/liter oilWith a ‘mega spike’ of $150 per barrel oil in the world market anticipated in the days ahead, the Philippines is subsequently seen bracing for P100 per liter oil at the domestic petroleum pumps.
Read more »
Oil prices surge as US bans Russian oil importsCrude prices surged Tuesday as the US banned Russian oil imports, while nickel prices rocketed to a record peak on Russian supply fears.
Read more »
Putin's war with Ukraine might worsen global chip shortage - Auto NewsAside from rising oil prices, the global chip shortage could take a turn for the worse
Read more »
PH Coast Guard recovers drowning victim in Pasig RiverTHE Philippine Coast Guard (PCG) has recovered the body of a teenager who drowned in the Pasig River off Taytay, Rizal.According to the PCG Special Operations Group in Malacañang,...
Read more »
2 ATAK choppers from Turkey arrive in PHTHE Philippine Air Force on Wednesday welcomed the arrival of two units of T-129 ATAK helicopters from Turkey, which landed past midnight at the Clark Air Base, in Mabalacat City,...
Read more »
2 ATAK choppers from Turkey arrive in PHTHE Philippine Air Force on Wednesday welcomed the arrival of two units of T-129 ATAK helicopters from Turkey, which landed past midnight at the Clark Air Base, in Mabalacat City,...
Read more »