Source:
Global Research.ca
Prof. Michel Chossudovsky
A new area of potential confrontation is developing between China and
the U.S. According to reports, Exxon Mobil which has acquired
exploration and production rights from Vietnam has discovered
substantial gas reserves in the South China Sea off the coast of North
Vietnam.
"U.S. oil company ExxonMobil is reporting a "potentially significant"
gas discovery off the coast of Vietnam, stating in a press release, "We
can confirm ExxonMobil Exploration and Production Vietnam Limited
drilled its second exploration well offshore Danang in August 2011 and
encountered hydrocarbons." (See John C.K. Daly, Apocalypse Redux? U.S.
Natural Gas Find off Vietnam Could Raise Tensions with China, http://oilprice.com )
It is important to note that these off-shore reserves are located
between the North Vietnam coastline and China's Hainan island in area of
disputed jurisdiction between Vietnam and China. The contested area is
made up of blocks 117, 118 and 119, which according to Hanoi falls well
within the 200-mile exclusive economic zone under international maritime
law (Ibid).