China, Vietnam, Philippines, Malaysia, Taiwan and Brunei claim either all of parts of the group of atolls in the South China Sea as part of their sovereign territory.
In an interview with the Philippines Star newspaper Perez said, “State-owned PNOC-Exploration Corp is spearheading the discussions with its counterparts in the region namely, China National Offshore Oil Co (CNOOC), Pertamina of Indonesia, and Petronas of Malaysia on the possible oil exploration in the South China Sea where the disputed Spratly Islands [are] located.”
“What we’re trying to do is to create some confidence building in the South China Sea. We should recognise that we need cooperation among Southeast Asian countries especially now that we are suffering from oil supply squeeze. If we could only set aside our claims on the Spratly Islands and come up with an understanding or a resolution that will eventually help us all in this crisis,” added Perez.
