(Eagle News)–President Rodrigo Duterte has signed an executive order that rationalizes the rules for the engagement of third-party participants under petroleum service contracts. Under Executive No. 80 signed on Tuesday, May 28, Duterte allowed the PNOC Exploration Corporation, the upstream oil and gas subsidiary of the Philippine National Oil Company, to enter into farm-in/farm-out agreements. Farm-in/farm-out refers to a practice that allows “third party participation to  spread the risks inherent in oil and gas exploration, […]