Economics
S. China Sea Oil Rush Risks Clashes as U.S. Bolsters Vietnam
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Vietnam and the Philippines are pushing forward oil and gas exploration projects in areas of the South China Sea claimed by China, sparking a fresh clash in one of the world’s busiest shipping corridors.
State-owned PetroVietnam’s partner Talisman Energy Inc. aims to begin drilling next year in a separate block that China awarded to a U.S. rival and has protected with gunboats. Ricky Carandang, a spokesman for President Benigno Aquino, said the Philippines plans to exploit a field in an area of the sea where Chinese patrol boats harassed a survey vessel in March.