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Philex Petroleum Corp. (Philex Pet) is keen on pursuing a partnership with China National Offshore Oil Corp. (CNOOC) to explore and develop gas-rich Recto Bank, Philex Petroleum chairman Manuel V. Pangilinan said Thursday, noting that any outcome would depend on what Beijing would say.
 
US companies were also interested in the West Philippine Sea project, but no real progress have evolved out of the  talks with the Americans, Pangilinan told local and foreign reporters at a forum organized by the Foreign Correspondents Association of the Philippines (FOCAP).
 
"The focus is on discussion with CNOOC for the exploration at the Recto Bank," Pangilinan said. "Discussions with [the Americans] are very soft. People have expressed interest, but the focus is with CNOOC."
 
In his assessment of the situation, the businessman noted it is best to keep on talking with CNOOC given the presence of China in the disputed West Philippine Sea, also called South China Sea.
 
"China's there, that's a reality," he said. "We are open to having a US partner, but we are open most with CNOOC because of the China issue."
 
Philex Pet was supposed to explore Recto Bank last October, in line with a government-approved work program, but the territorial dispute with China forced the company to abandon its business plan and timetable.
 
"In October last year, there should have been a vessel that will go to Recto Bank to establish the so called base line environmental features of the concession to establish the capacity of the sea floor where to put the oil rig," Pangilinan said.
 
"We could have proceeded, but those vessels are not owned by Philex but by foreigners. With a near sighting of a Chinese warship in the area they will go away. So, this has not materialized," the businessman noted.