Locating new crude oil and natural gas sources continues to be of paramount importance for the Philippines as output from its sole producing Malampaya field rapidly declines. Improving bilateral ties with China increases the prospect for a joint-exploration in the potentially resource-rich South China Sea, and offer upside to our long-term oil and gas production forecasts.
Petronas' decision to cancel its long-delayed USD36.0bn Pacific Northwest LNG in Canada makes sense given myriad environmental and legal complexities, amid low LNG prices and adverse market conditions, and will free-up funds to advance higher-priority projects, such as RAPID. The decision further affirms the difficulty of realising greenfield LNG projects in Canada, and supports our view for...
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