CPC Plans to Explore for O&G on Disputed Spratly Islands
TAIPEI - Taiwan's government-run oil refiner CPC Corp. said Friday it plans to conduct a geophysical survey on disputed Spratly Islands in South China Sea next year, reviving the exploration for potential hydrocarbon reserves which was halted more than 20 years ago due to technical difficulties.
Wang Meng-hsuan, the deputy chief of CPC's Exploration and Production Division told Dow Jones that the geological survey on Itu Aba Island will likely be conducted after March 2013.
China has made the strongest claim on the South China Sea, with the country's new passports showing a map that includes the region and conducting military drills. This has stirred vehement protests among neighboring countries, including Vietnam and the Philippines. Beijing's latest announcement that its authorities will board and seize control of foreign ships in the South China Sea has further intensified tension in the region.
Copyright (c) 2012 Dow Jones & Company, Inc.
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