FEC Resources Inc. (FECOF)

[irishintelligence]

https://businessmirror.com.ph/2019/10/07/china-sweetens-joint-energy-exploration-deal/

CHINA has expanded its offer in its proposed oil and gas exploration deal with the country in the West Philippine Sea (WPS), according to President Duterte.

Aside from giving Philippines a bigger share in the resources, Duterte said the Chinese government said it is now willing to shoulder additional expenses in the deal.

“Now there is something new [in the negotiation]—China is proposing 60-40 [resource sharing], where 60 [percent] will be our [share]. They will also provide for the equipment and the [operation] of the rig,” Duterte disclosed during a forum in Russia on Saturday.