OREANDA-NEWS. May 21, 2014. Philex Petroleum Corp may revive talks with China National Offshore Oil Co. Ltd. (CNOOC) over an oil and gas prospect off the West Philippine Sea.

"I think given the settlement between the Philippines and  Hong Kong, maybe there's a favorable environment to revive our contact with CNOOC. We would try to do that in the coming weeks to see whether they are interested to resume talks," Philex Petroleum chairman Manuel V. Pangilinan told reporters on the sidelines of PLDT's first quarter financial performance briefing.

"But as of now none," Pangilinan, who also chairs Philippine Long Distance Telephone Co, said, referring to any discussions with CNOOC.

Last month, Manila Mayor Joseph Estrada announced that a diplomatic impasse over the fatal hostage taking of Hong Kong tourists in 2010 had been broken after he led a delegation that settled with the families of the victims.

CNOOC is China’s largest producer of offshore crude oil and natural gas.

Philex Petroleum owns 64.45 percent of Forum Energy Plc, which operates Service Contract 72, covering an 8,800-square-kilometer area in offshore west Palawan that includes the Recto Bank. Exploration for oil and gas at the area has been suspended amid diplomatic tensions between Manila and Beijing.

Forum Energy has a 70-percent stake in SC 72 while Monte Oro Resources and Energy Inc holds the remaining 30 percent.

InterAksyon.com is the online news portal of TV5, which Pangilinan also chairs.