It surprises me the amount of negative spin that is being put on gas prices and then BHPP SC55 drilling.
The US has gas but if they sold it to Malaysia or the Philippines what price would they want for it? Clearly a gas discovery or oil discovery in the Philippines would be good for the respective country's economy and there is a market in the area - so no worries with selling the stuff.
As for the permitting problems - It has been announced the Palawan LGU are taking the National government to the Surpreme Court over the lack of profit sharing on Malampaya. So the Palawan LGU are sticking it to the National government over permits to make a point. Good politics you might say. There is big money at stake.
It seems completely reasonable that getting a permit from the Palawan LGU would take months if not years and would hold up exploration. A force majeure isn't without precident in such cases as OEL must know.
OEL Price at posting:
7.9¢ Sentiment: Hold Disclosure: Held
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