The Philippine National Oil Company, China National Offshore Oil Corporation and Vietnam Oil and Gas Corporation signed the agreement for seismic acquisition over an area that has, in the past, been a source of conflict among ASEAN nations and Beijing.
The seismic program is expected to start before the next typhoon season and will cover an area of about 143,000 square kilometres.
In a joint statement, the three parties said the signing of the tripartite agreement would not undermine the basic positions held by their respective governments on turning the South China Sea into an area of peace, stability, cooperation and development. This was in accordance with the 1982 United National Convention on the Law of the Sea and the 2002 ASEAN-China Declaration on the Conduct of Parties in the South China Sea.
With more than half of Asia’s crude oil supply coming from the Middle East, a successful study of the South China Sea’s oil potential and cooperation in developing those resources could help alleviate economic as well as political problems.
