December 16, 2012
East Asia: Stop Squabbling, Start Drilling
Will Hickey, Yale Global
As naval patrol vessels of China, Japan, South Korea and other Southeast Asian nations shadow one another and tension mounts, it's time to consider peaceful alternatives. At stake are marine resources and possible large reserves of oil and gas underneath the waters, rocks and shoals claimed by East Asian countries. If a solution can be worked out for sharing the proceeds among concerned parties: Japan, Vietnam, Malaysia, China and the Philippines while tactfully avoiding the contentious sovereignty issues, confrontation can be avoided. In the oil industry, border disputes between countries are resolved with joint development areas, or the oil and gas mechanism of "unitization." Essentially, unitization lets each nation access undersea resources that cross borders, but leaves national...
TAGGED: South Korea, Asia, China, Japan, East Asia, ASEAN