MANILA, Aug 14 — Philippine President Ferdinand Marcos Jr has said that there is a "distinct possibility" that the Philippines and China could undertake joint oil and gas exploration despite their long-running disputes in the South China Sea.
Talks with China were progressing as Manila seeks to bolster its energy security, as recent energy supply disruptions and price spikes have added urgency to efforts to tap potential offshore resources.
"We have to find new ways...this discussion has gained prominence. And where we are now, I think we have moved forward.
"The sense that I get is that all parties involved want it to succeed, and that is always a very good sign," Marcos told foreign media today.
He added that the Philippines requires additional oil and gas supplies and is working through the outstanding issues with China, including the terms of reference for any eventual arrangement.
"I can see the distinct possibility that there will be such joint exploration," Marcos said.
The Philippines and China resumed high-level talks in March over the disputed South China Sea, exploring preliminary steps towards cooperation on oil and gas.
The two countries have discussed the prospect of joint exploration for years, including in the Reed Bank, but talks have repeatedly broken down over disagreements about which country has sovereign rights.
Despite the disputes between the two maritime neighbours, the President said he is optimistic that they could continue to cooperate economically.
"I do not think that is in any policy, in any policy statement, that we are distancing ourselves from China.
"We are continuing to find many, many instances where we are very much in cooperation with China. China is one of the biggest investors still in the Philippines," he said.
Ties between the Philippines and China have been strained for years, and were tested again recently by a series of confrontations in the South China Sea.
Beijing claims sovereignty over almost the entire South China Sea, a strategic waterway through which more than US$3 trillion (RM12.26 trillion) in trade passes every year, despite a 2016 arbitration ruling that invalidated those claims in a case brought by Manila.
Marcos said no special arrangement with Beijing obliged the Philippines to ask permission to carry out resupply missions in the South China Sea or ceded any of its rights in the region, noting that Manila's position has not been weakened.
