Page 5 - AsianOil Week 03 2023

AsianOil COMMENTARY AsianOil

countries would respect the sovereignty and ter- countries directly concerned, including the
ritorial integrity of the other. Philippines, through dialogue and consulta-
But it remains unlikely that the Philippines tion, and to actively exploring ways for prac-
will soon launch an offshore licensing round in tical maritime cooperation, including joint
its EEZ. exploration.”
Once back in Manila, Marcos said his gov- Addressing reporters, Wang also referred to
ernment would pursue an independent foreign the 2018 accord. “The two sides agreed to bear
policy while working for regional peace and the in mind the spirit of the memorandum of under-
interests for both countries. But he added that standing on cooperation on oil and gas develop-
the maritime rivalry between the two states ment signed in 2018 and resume discussions on
remains a significant concern as well as a priority. oil and gas development at an early date, building
“We agreed that maritime issues between the upon the outcomes of the previous talks, with a
two countries do not comprise the entirety of our view to benefiting the two countries and their
relations,” he said. people.”
Last week, the Philippines’ Department of The Supreme Court ruling has been initially
Foreign Affairs spokesperson Tessie Daza said viewed as an event that does not hold promise for
the ministry had to take the Supreme Court’s future offshore oil and gas co-operation between
ruling into consideration when participating in the Philippines and China. A number of Philip-
future discussions on joint exploration, but she pine lawmakers have debated what the ruling
added: “We are still in the process of setting the means for future plans to explore the EEZ. Sev-
parameters that will guide any future oil and gas eral stated that it could make negotiations more
talks.” complicated, not only with China, but with any
For its part, China said it remains commit- other country in the region that the Philippines
ted to finding a practical way to co-operate might want to partner with. But also, the ruling
with Manila. China’s Foreign Ministry spokes- might be viewed as a way to clear the decks for a
person Wang Wenbin said last week: “China new approach focused on accomplishing exactly
remains committed to properly handling mar- what Marcos and Xi say they want for their coun-
itime disputes in the South China Sea with tries. ™

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