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Philex Mining Corp., the biggest mining company, may sign an agreement with state-owned China National Offshore Oil Corp. to jointly develop the Recto Bank concession near the disputed Spratly Islands.

"A team of experts including [chief executive] Manny Pangilinan visited Beijing two weeks ago upon the invitation of the Chinese government. I gathered that the Chinese are interested to develop the area in whatever capacity is agreed upon," Philex senior vice president for communications Mike Toledo said in a chance interview at the sidelines of the First International River Summit in Iloilo.

He said the current territorial dispute over the Scarborough Shoal would not deter both companies to forge a joint agreement to pursue oil and exploration activities in Recto Bank.

"In fact, this is a good sign. I think it is their way of saying that they are interested to cooperate with the Philippine government. This augurs well for both countries," he said.

Internationally known as Reed Bank, the Recto Bank concession, or  Service Contract 72, lies off the coast of Palawan Island and southwest of the Malampaya gas field.

It covers around 8,800 square kilometers.

Toledo said the Chinese petroleum company had the "experience and financial muscle" to develop the natural gas find off the Kalayaan Islands.

He conceded the company needed a "strong partner" to develop what could be the country's biggest natural gas platform.

Philippine Petroleum Corp., a subsidiary of Philex Mining, said the Recto deposit could hold as much as 4.66 trillion cubic feet of gas.

Philex Petroleum earlier said it aimed to drill two appraisal wells in 2013 to get a better estimate of the Recto Bank reserves.

The company estimated that it would take six to 10 years to develop the area and the resources in the Recto Bank to last for about 100 years. Recto Bank project operator Forum Energy is majority owned by Philex Petroleum.