Oil Companies Ink Landmark S. China Sea Agreement

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.

China.org