Seismic surveys indicate that the Reed Tablemount is rich in
oil and gas deposits, but they have only been partly tapped due to disputed claims from various countries, most particularly the PRC. Exploration in the area began in 1970, and in 1976 gas was discovered in the
Sampaguita structure following the drilling of a well. In total, three wells have been drilled to date, all located at the south west end of the Sampaguita structure. The initial 2-year concession by the Philippines' Government to extract the resources, (SC72, formerly GSEC101,) was awarded to Sterling Energy PLC in June 2002. In April 2005, Forum Energy PLC (FEP) acquired the concession from Sterling and became its operator. Forum Energy chose to cease on-site operations in the face of the Chinese aggression. In July 2011 the Philippines' Department of Energy (DOE) approved the commencement of a 2-year phase of the project leading to the drilling of 2 wells, and preparations commenced. However, the PRC Government had also granted exploration rights to the area to the PRC State-owned
China National Offshore Oil Corporation (CNOOC). The PRC objected to the Philippine arrangement. The requisite approvals from the Philippine DOE to commence drilling were not issued, and the project was placed on hold. == References ==