The exploitation of seabed oil and gas resources is one of the several major contentious issues complicating the tense South China Sea situation, a retired US diplomat said at an international conference held at Ton Duc Thang University in Ho Chi Minh city over the weekend.
David Brown, an independent researcher, citing US Energy Information Administration data, said oil and gas resources in the South China Sea were equivalent to 11 billion barrels of oil and 190 trillion cubic feet of gas.
However, in November 2012, the China National Offshore Oil Company estimated that the area holds even more, about 125 billion barrels of oil and 500 trillion cubic feet of natural gas in undiscovered resources.
China, which faces an increasing demand for oil and gas, consumed 3.5 billion barrels of oil in 2011.
… However, Irena Chan, of the S. Rajaratnam School of International Studies in Singapore, said she was not confident about relying on the UN Security Council. China is a standing member of the council.
Last updated on 30/07/2014