Lacson backs joint oil hunt with China
The senator stressed that this safeguard must be clearly reflected in any memorandum of agreement or contract with foreign partners.
The senator stressed that this safeguard must be clearly reflected in any memorandum of agreement or contract with foreign partners.
Senate President Pro Tempore Panfilo Lacson on Sunday expressed support for potential joint oil and gas exploration projects between the Philippines and China, citing growing concerns over global energy supply disruptions stemming from the Middle East conflict.
Lacson said the Marcos administration should consider entering into joint energy ventures, including in the West Philippine Sea (WPS), to help secure the country’s long-term energy needs.
However, he emphasized that any agreement must strictly comply with the Constitution’s 60-40 ownership rule, which favors Filipinos.
“Yes. I am supporting this, I’m foursquare behind it. There is so much potential. We can benefit greatly from it,” Lacson said in a radio interview.
Under the 1987 Constitution, the State may enter into co-production, joint venture, or production-sharing agreements with entities that are at least 60 percent Filipino-owned.
The senator stressed that this safeguard must be clearly reflected in any memorandum of agreement or contract with foreign partners. He added that if China agrees to such terms, it would be a significant development.
“If China agrees, it is a big win for us because it means they recognize our sovereignty in the West Philippine Sea or in any area that may be explored,” he said.
Lacson averred that while the disputed waters are believed to be rich in oil and natural gas reserves, the Philippines currently lacks the technical capability and financial resources to undertake large-scale exploration independently.
China, he said, possesses the necessary technology and equipment.
The senator also recalled that the idea of joint exploration had been discussed during the administration of former President Rodrigo Duterte, alongside then Senate president Vicente Sotto III and former senator Gregorio Honasan II.
According to Lacson, Duterte had been supportive of the proposal at the time.
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