China accelerates exploiting oil in South China Sea

Beijing, Sep 19: China’s pace of exploiting the oil of the South China Sea has “accelerated”, said a state-run daily Wednesday.

An article in People’s Daily Online said that the China National Offshore Oil Corporation recently announced the second batch of 26 oil areas in the South China Sea which allows foreign companies’ joint development in 2012.

“China’s pace of exploiting the oil of the South China Sea has obviously accelerated,” it said.

It said that China “still holds a relevantly cautious stance in developing the oil resources of total 55 billion tonnes in the South China Sea”.

The daily said that “the five countries of Vietnam, Malaysia, the Philippines, Brunei and Indonesia around the South China Sea are maintaining rapid paces in exploiting oil resources of the South China Sea”.

“In dealing with oil and gas development disputes with countries around the South China Sea, the government of China always sticks to the principle of `China having the sovereignty and the related sides putting aside disputes and developing them jointly’,” it explained.

“But the current situation shows that these countries have dissimilated this principle.”