Oil companies of the Philippines, China and Vietnam signed a
landmark tripartite agreement in Manila on Monday to conduct a
joint seismic survey of oil potential in disputed areas of the
South China Sea.
The US$15-million undertaking will last for a period of three
years, a move Philippine President Gloria Macapagal Arroyo
described as a historic breakthrough in developing an area that has
been a source of conflict between the three nations into a source
of energy.
Arroyo congratulated the Philippine National Oil Company, China
National Offshore Oil Corporation (CNOOC) and
Vietnam Oil and Gas Corporation on their successful
negotiations.
"It is not only a diplomatic breakthrough for peace and security
in the region, but also a breakthrough for our energy independence
program, because one of the elements of this program is to work on
strategic alliances with our friends and allies so that we can have
more supply of energy for the region and our country," Arroyo said
when meeting the delegations from the three companies.
The survey, which is expected to begin before the start of the
typhoon season this year, will cover an area of about 143,000
square kilometers.
In a joint statement, the three parties affirmed that the
signing of the agreement was in accordance with the basic positions
held by their respective governments to turn the South China Sea
into an area of peace, stability, cooperation and development in
accordance with the 1982 United Nations Convention on the Law of
the Sea and the 2002 ASEAN-China Declaration on the Conduct of
Parties in the South China Sea.
Chinese Ambassador Wu Hongbo told Xinhua that the cooperative
arrangement, based on mutual understanding and common interest,
would set a good example for the countries concerned to resolve the
South China Sea issue peacefully.
Vietnamese Ambassador Dinh Tich said, "We have to look for the
best thing for the region, for our interest. We have to do it
collectively."
Philippine Energy Secretary Vincente Perez Jr. said that the
agreement was a product of "oil diplomacy" and the power of
persuasion during meetings that started last year. The timing is
important, he noted, because of rising oil prices.
Perez emphasized that the accord is a commercial agreement that
does not compromise any countries' territorial claims, although he
believes that a successful study of the South China Sea's oil
potential could work to resolve the long-standing conflict in the
area.
He also said that the joint seismic research would only involve
the use of seismic vessels but no drilling would be conducted.
However, the project is a major step toward Asian energy
independence.
The area around the Nansha (Spratlys) Islands is claimed by
China, Vietnam, the Philippines, Brunei and Malaysia. Two years
ago, China and the 10-member Association of Southeast Asian Nations
adopted a nonbinding declaration that forbids construction on the
uninhabited islands to prevent territorial disputes from
escalating.
(Xinhua News Agency, China.org.cn March 15, 2005)