re: Ann: Service Contract 58 - Election to Dr... Thanks Strat. That is where my thought pattern was heading. The cost of a well is going to require much more than 40 to 45% from Nido's 50% interest. At some stage PNOC will have to concede that retaining a 50% interest free carried through the commitment well is just too hard a bargain and there will be no takers. Far better to give up another chunk of WI and finally get a drill in to one of these prospects.
Looking at the bigger players already active in the Philippines, they have all got enough China exposure that they would hestitate before rocking the boat. Maybe the least concerned on this front might be a Chinese player - CNOOC are already in SC57. On the political front a substantial economic interest might be the soft diplomacy way of sidestepping issues of outright sovereign interest.
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