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claims also overlap with those of the Philippines, Malaysia, Brunei and Taiwan.
As such, India has been keen to maintain its presence in the area as a counter to China’s growing in uence within the region. Vietnam, for its part, has welcomed OVL’s participation in waters that have seen a number of forays by Chinese vessels.
A Chinese Coast Guard vessel reportedly manoeuvred in a “threatening manner” towards Vietnamese vessels in Block 06.1 in July. OVL owns a 45% stake in the 955-square km licence, which is located in the Nam Con Son Basin.
In other news, an OVL-led consortium may be on the verge of securing a 49% stake in Rus- sia’s Vankor oil eld cluster. PTI quoted unnamed sources with direct knowledge of the matter as say- ing that a preliminary deal might be signed during Indian Prime Minister Narendra Modi’s meeting with Russian President Vladimir Putin this week.
If such a deal were to go through, then OVL would own a 26% stake in the cluster, which includes the Suzunskoye, Tagulskoye and Lodoch- noye elds. Indian Oil Corp. (IOC), Oil India Ltd (OIL) and Bharat Petroleum Corporation Ltd (BPCL) would share the remaining 23%.
Phoenix says talks with CNOOC on LNG JV ongoing
PROJECTS & COMPANIES
THE Philippines’ Phoenix Petroleum, which is headed by businessman Dennis Uy, has denied reports that China National O shore Oil Corp. (CNOOC) may pull back from the two compa- nies’ planned LNG joint venture.
is came a er a Manila Bulletin article, pub- lished on August 31, cited an unnamed source as saying CNOOC was “ghosting” the Tanglawan Philippines LNG project, estimated to be worth $2bn. e source, reportedly an energy o cial, said CNOOC had not communicated with Phoenix or the Philippine government recently. According to the source, Phoenix is the only company currently engaging in correspondence over the partnership, which also includes Philip- pine National Oil Co. (PNOC).
Phoenix was quick to deny the report.
“We have no knowledge on the assertions or contentions made in the article as of date of writing. The company continues its talks with CNOOC pertaining to the joint venture agreement with CNOOC,” Phoenix said in a disclosure to the Philippine Stock Exchange on September 2.
Reports of CNOOC’s disengagement from the partnership came amid tensions between
China and the Philippines over disputed waters in the South China Sea. In 2016, an international arbitration court invalidated most of China’s claims to most of the South China Sea. But Bei- jing has refused to recognise that ruling, and has instead been ramping up its militarisation of the region and setting up missile-protected bases on disputed reefs.
Chinese President Xi Jinping reiterated Chi- na’s position to his Philippine counterpart in talks at the end of August. Philippine President Rodrigo Duterte raised the matter on a state visit to China. A spokesman for Duterte, Salva- dor Panelo, said that while the South China Sea was something the two presidents disagreed on, “their di erences however need not derail nor diminish the amity between the two countries”.
It was hoped that Duterte’s visit to China would help revive state-owned CNOOC’s interest in the Tanglawan Philippines LNG partnership.
e joint venture is planning to develop a power facility that can provide up to 2,000 MW of installed capacity. e project was recently granted a six-month extension on its notice-to- proceed (NTP).
Week 35 04•September•2019 w w w . N E W S B A S E . c o m P7
