Philippine energy officials sought to downplay the issue of territorial dispute with China in offering to investors the so-called Area 7 in Reed Bank - or Recto Bank as it is known in the Philippines. The Area 7 block, like the rest of the South China Sea, is believed to hold huge oil and gas deposits.Manila calls the South China Sea the West Philippine Sea.
"The area we are offering in the West Philippine Sea is very near Palawan," Energy Undersecretary Ramon Allan Oca told Reuters, referring to the southwestern Philippine province.
The area is also near the Malampaya offshore natural gas oil field operated by a local unit of Royal Dutch Shell.