INDUSTRY NEWS

Philippine and China singed memorandum of understanding on energy cooperation

Published Date | 2018 November 26

China and the Philippines have signed the MoU on Cooperation on Oil and Gas Development and agreed to discuss maritime cooperation including maritime oil and gas exploration, sustainable use of mineral, energy and other marine resources, according to the joint statement released during the state visit by Chinese President Xi Jinping to the Southeast Asian country.

India: China and Philippines energy cooperation is a positive step to achieve common development. It will develop and tap the resources in the region surging opportunities in both the countries. The Philippines government further hopes that this document will inspire other countries to seek energy development in the region. Relations between China and the Philippines are getting stronger referred as a “golden period of fast development”, Chinese Foreign Minister Wang Yi said on Thursday, touting growth in trade and their efforts to settle disputes in the South China Sea has built up their relationship with Philippines. Wang, after meeting Philippine Foreign Minister Alan Peter Cayetano in Beijing, said the two countries had signed 22 cooperation agreements in less than six months and China had become the Philippines’ biggest trading partner for the first time over the years. According to BlueWeave Consulting, the significance of energy trading has grown rapidly across the globe due to increasing energy consumption as well as market integration. Almost no country can cover its energy needs from its own sources today. Energy trading has become essential part of energy industry which offers the possibility to ensure needed supply of energy and protects from supply shortages and price fluctuations. Thus, energy sector is large, complex, and inter-related network of companies directly and indirectly involved in the production and distribution of energy needed to power the economy and facilitate the means of production and transportation.  Over the years the industry will witness phenomenal growth owing to high energy demand thus generating higher revenue returns. According to the upcoming report by BlueWeave Consulting on “Global Oil & Gas Market, By Equipment Type, By Application, By Region- Industry Analysis, Size, Share, Growth, Trends & forecast by 2018-2025”, Substantial economic growth across the globe and the demand for electricity has surged the demand for offshore oil and gas exploration and production. Market is driven by the supply and demand for worldwide energy; this sector is sensitive to political events, which historically have driven changes in the price of oil, thereby high demand from end-user industries is propelling the global oil & gas industry.