Oil report

Philippines' PXP Energy in talks with CNOOC on S.China Sea development

MANILA, Oct 19 (Reuters) - The Philippines’ PXP Energy Corp said it was in ongoing negotiations with China National Offshore Oil Corp (CNOOC) relating to a memorandum of understanding between Manila and Beijing on joint oil and gas development in the South China Sea.

In a market disclosure, PXP said on Monday the talks were being handled by Forum (GSEC 101) Ltd, a subsidiary of its unit Forum Energy Ltd, but the parties had yet to agree on any disclosable definitive agreement.

In what it described as a unilateral decision, Manila has lifted a six-year-old moratorium on oil and gas exploration in the disputed waters believed to be rich in energy and marine resources, a move Beijing did not oppose.

Reporting by Enrico Dela Cruz Editing by Ed Davies