Philippines' oil still in troubled waters after South China Sea ruling

Workers deliver liquid petroleum gas (LPG) tanks to a retailer in Manila, November 3, 2008. REUTERS/Romeo Ranoco/File Photo

MANILA (Reuters) - The Philippines, eager to resume development of vital oil and gas reserves off its coast, will likely need to reach an accord with a Chinese government infuriated by last week's ruling that granted Manila a big victory in the South China Sea.

The Philippines relies overwhelmingly on imports to fuel its fast-growing economy. That reliance will grow further in a few years when the main source of domestic natural gas runs out, so the clock is ticking for it to develop offshore fields that China shows no sign of loosening its grip on.