Oil report

Philippines' Duterte lifts oil exploration moratorium in South China Sea

MANILA, Oct 15 (Reuters) - Philippines President Rodrigo Duterte has approved the Department of Energy’s recommendation to lift the suspension of petroleum activities and the resumption of oil and gas exploration in the South China Sea, his energy minister said.

Energy Secretary Alfonso Cusi said in a statement on Thursday that a “resume to work” notice has been issued to service contractors undertaking petroleum-related activities in the area, which had been suspended from 2014 due to territorial disputes.

China claims almost the entire South China Sea, believed to be rich in energy reserves and marine resources. Brunei, Malaysia, Vietnam and Taiwan also have claims. (Reporting by Enrico Dela Cruz; Editing by Catherine Evans)