""Phil Byrne, CEO of Perth-based Nido Petroleum, which also drills for oil and gas offshore Palawan, told Energy Tribune that his company didn’t have this problem. He attributed this to the fact that Nido’s contract to drill was a joint effort with PNOC-Exploration Company, a subsidiary of state-owned Philippine National Oil Company. Byrne, whose company has a market cap of just $50 million, said having a Philippine partner like this was integral.""
http://www.energytribune.com/77318/energy-giant-bhp-billiton-succumbs-to-local-philippine-politics#sthash.v2C2MyyG.9AvkJkUz.dpuf
Well if the Palawan officials are fighting the Manila gov in the supreme court, I cant see how a local partner would make much difference for the SC55 consortium. What about Transasia anyway, are they not local ?
One way or the other, you have to pay off the locals.
BHP might have been a bit more imaginative if they were'nt in cost cutting mode. That said, I wouldn't blame them if they walk altogether.
Unfortunately it casts doubt on the feasibility of operating the PI. The OEL CEO might have to drop his spiel on low sovereign risk in his next preso.
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