It looks to me like China is thinking long-term about not having exploration hindered by border disputes. The N Korean deal ties in with the Vietnamese deal done earlier.
China National Offshore Oil Corp (CNOOC), the country's biggest offshore oil and gas producer, on Monday signed a framework agreement with a Vietnamese oil firm to jointly explore oil and gas in the Beibu Bay.
The agreement, based on the principle of "putting aside disputes and jointly developing resources," marks a significant step in oil and gas exploration in the South China Sea, a statement by State-owned CNOOC said.
CNOOC spokesman Liu Junshan said the deal will build a solid foundation for both sides to tap the oil and gas resources in the Beibu Bay, set a good example for solving cross-border disputes, and contribute to the stability and development of the South China Sea area. (China Daily November 2, 2005)
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