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Tripartite Agreement for Joint Marine Seismic Undertaking in the Agreement Area in the South China Sea


ANSWER TO CORRESPONDENT BY MR. LE DZUNG, THE SPOKESMAN

OF THE VIETNAMESE MINISTRY OF FOREIGN AFFAIRS ON 14th MARCH 2005

AFP, Bloomberg, Thanh Nien: Pls advise Vietnam's reaction on "Tripartite Agreement for Joint Marine Seismic Undertaking in the Agreement Area in the South China Sea".

Answer:

The signing ceremony of the "Tripartite Agreement for Joint Marine Seismic Undertaking in the Agreement Area in the South China Sea" by Vietnam Oil and Gas Corporation (PETRO Vietnam), Philippine National Oil Company (PNOC) and China National Offshore Oil Corporation (CNOOC) was held in Manila, the Philippines on 14th March, 2005.

Under the Agreement, the Parties are committed to strictly adhering to the 1982 UN Convention on the Law of the Sea and the 2002 ASEAN-China Declaration on the Conduct of Parties in the South China Sea. The Parties also expressed their resolve to transform the South China Sea into an area of peace, stability, cooperation and development, stating that the signing of this Agreement would not undermine the basic position held by the Government of each party on the South China Sea issue. The Agreement highlights the principles of equality and consensus among relevant Parties during the joint research process.

According to the Agreement, the three oil companies of Vietnam, the Philippines and China will undertake a joint research of petroleum resource potential in an area in the South China Sea, which is defined by specific geographic coordinates. The term of this Agreement is three years.

Speaker of the House of Representative of the Philippines Jose de Venecia, Minister of Energy of the Philippines Vincente Perez, Vietnam's and China's Ambassadors to the Philippines attended the signing ceremony.

President of the Philippines Gloria Macapagan Arroyo received representatives of the three national oil companies on the same day. Vietnam's Ambassador to the Philippines Dinh Tich was present at the reception./.

 
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