The Ministry of Gas and Natural Resources on Monday has announced that the Chinese government is drafting an agreement between China and the Philippines, after the Committee on Gas and Natural resources approved the Ministry to discuss with its Philippine counterpart.
Chinese Minister Wen Yen Lin said, the approval came after months of deliberation between three Chinese government agencies.
“The Chinese government believes that any resources under the South China Sea should be shared by not only China, but also other claiming countries, especially the Philippines where vast part of the target area is near to its shorelines. My agency is scheduled to discuss with the Philippine’s Department of Environment and Natural resources this coming February. A letter was already dispatched to manila for approval”, Lin said.
South China Sea, especially the disputed atolls are believed to house trillions of metric tons of natural gas and other unidentified natural resources as reported by the United States Geological Survey several years ago.
With China’s announcement, the Philippines can expect at least 45% share based on the leaked detail. China is expected to spearhead the exploration considering their technology and experience.
Japan and the Unites States showed interest earlier, but abandoned the plan amid tensions between claiming countries.
China also hinted it would not object on the Philippine companies drilling inside the countries 200-nautical mile Special Economic Zone.
Disclaimer: Contributed articles does not reflect the view of Okd2.com. This website cannot guarantee the legitimacy of some of the information contributed to us. You may do additional research if you find some information doubtful. No part of this article maybe reproduced without permission from this website.