January 15, 2023

The Philippine Supreme Court's decision to void a 2005 South China Sea oil exploration deal with China and Vietnam will bring uncertainty to joint cooperation in the resource-rich waters, according to regional observers.

The ruling by the top court on January 10 said the Joint Marine Seismic Undertaking violated the Philippine constitution by allowing wholly owned foreign corporations to explore the country's natural resources "without observing constitutional safeguards".

Under the agreement, which expired in 2008, the Philippine National Oil Company, China National Offshore Oil Corporation and the Vietnam Oil and Gas Corporation carried out joint research on potential petroleum resources in the South China Sea.

Read more:

https://finance.yahoo.com/news/south-china-sea-philippine-court-093000953.html