The Philippines' upstream sector has been largely inactive for years as South China Sea territorial disputes continue to worry investors.
With the South-East Asian nation importing nearly all of its fuel requirements, high global prices of oil and other commodities have pushed inflation to a four-year high, clouding economic growth prospects.
Cadlao's estimated recoverable volumes of 5-6 million barrels of oil are unlikely to have a huge impact on local supply, but Energy Secretary Raphael Lotilla said there was renewed investor interest in the upstream sector. "I am confident that this trend will continue as we reaffirm to prospective investors the openness of our economy...and assure them of the continued stability of our legal framework," Lotilla said in a media briefing.
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