Chinese offshore operator CNOOC Ltd has confirmed its ongoing interest in exploring Service Contract 57 off Palawan, but said it is waiting for the Philippines government to approve a production sharing contract.
The company told Upstream that it would act as operator of the block under the proposed PSC, which covers acreage located in non-disputed waters off the Philippines.
CNOOC Ltd farmed in for a 51% stake in the block in 2006, but no exploration activities have been carried out pending the approval by the Philippines government of the farm-in contract, according to the Chinese oil company.
