Oil companies from China, Vietnam and the Philippines Monday signed a landmark tripartite agreement to jointly prospect oil and gas resources in the disputed South China Sea, marking a historic breakthrough among the three neighboring countries alongside the Sea after a series of peaceful and friendly negotiations.

The cooperation is regarded as initial practice by the Chinese side of late senior Chinese leader Deng Xiaoping's proposal to solve disputes peacefully by "putting aside the disputes and jointly exploiting" the region. It shows the three nations are taking active measures to fulfill the 2002 ASEAN-China Declaration on the Conduct of Parties in the South China Sea. It is commonly regarded that the signing of the agreement would help solving the South China Sea disputes and sustaining peace, stability and development within the region.

According to the agreement, the three companies will jointly conduct seismic surveys around the 143,000 km sea area, collecting data and information of the potential oil and gas reserves in the area, and providing valuable information to their respective countries for future arrangements. The activity is planned to last for three years and may cost 15 million US dollars.

In a joint statement released at the signing ceremony, the three parties expressed their desire to cooperate, but affirmed that the signing would not undermine the basic positions held by their respective governments on the South China Sea issue.

On the contrary, the accord would "contribute to the transformation of the South China Sea into an area of peace, stability, cooperation and development in accordance with the 1982 United Nation's Convention on the Law of the Sea and the 2002 ASEAN-China Declaration on the Conduct of Parties in the South China Sea," the statement said.

Territorial disputes emerged among China, Vietnam, the Philippines, Brunei and Malaysia on the South China Sea since the 1970s, where each country claimed part of the ownership. After long-term negotiation and disputes, Deng initiated his famous proposal on the issue, namely "putting aside the disputes and jointly exploiting" the region, gaining lots of echoes from the countries of the Association of Southeast Asian Nations.

In recent years, the Chinese government has made great efforts to put Deng's proposition into practice, frequently discussing with ASEAN partners specific issues of the area such as the local environmental protection, weather situation, fishing and other relevant issues.

In 2002, China and the 10-member ASEAN adopted a non-binding declaration that forbids construction on uninhabited islands to prevent territorial disputes from escalating, laying a political foundation for future possible commercial cooperation between China and ASEAN countries such as this time.

The governments of the three countries all applauded the trilateral cooperation and have expressed great expectation for its future achievements. Philippine President Gloria Macapagal-Arroyo described the move as a "historic breakthrough" in developing the area of disputes among ASEAN and Beijing into a possible energy source.

"This is a historic event because it is the first, it is the breakthrough in implementing the provisions of the code of conduct in the South China Sea among ASEAN and China to turn the South China Sea into an area of cooperation rather than an area of conflict," Arroyo said when meeting the delegations from the three companies.

Philippine Foreign Secretary Alberto Romulo said the tripartite accord signified "the growing level of trust and confidence among claimants and their commitment to pursue peaceful options on the issue."

Chinese ambassador Wu Hongbo told Xinhua that the trilateral cooperation, based on the mutual understanding and common interest, would set a good example for the countries concerned to resolve the South China Sea issue in a peaceful way.

Vietnamese Foreign Ministry Monday released the news in details to the media, gaining large coverage on the issue throughout the country.

Source: Xinhua