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Market Chatter: Philippines President Hints at Oil, Gas Exploration With China

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The Philippines President Ferdinand Marcos Jr. said late last week that his country could explore for oil and gas jointly with China, Reuters reported, despite their enmity over sovereignty over the South China Sea.

Speaking to foreign journalists, he described such exploration as a distinct possibility and that boosting energy security through offshore discoveries was all the more urgent after recent energy supply disruptions.

Marcos said his country needed more oil and gas and was working on a number of issues with China, including the terms of reference for any future cooperation.

Such cooperation is not a new idea but previous bilateral talks ended in acrimony over which country sovereign rights belonged to. The talks resumed between the two countries in March, days after the US-Iran war began, prompting a sudden surge in crude oil prices.

could not immediately reach the Philippine presidential office or China's National Energy Administration for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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