For once Jose de Venecia is suggesting something right. This guy is a former Speaker of the House of the Representatives of the Philippines. Now, there is this trouble brewing in a part near the Philippines, Vietnam and China which is called West Philippine Sea (by the Philippines), South China Sea (by China), or East Sea (for Vietnam). This is due to a group of islands called Spratlys which are being claimed as part of their sovereign territory by the three countries stated plus Brunei, Taiwan and Malaysia.
Well,if these group of islands is only composed of barren rocks and endless sand and no natural resources, no country will be that interested in claiming these places as their own. But some exploration had been done already and there are proven data to backup the knowledge that there are substantial oil and gas deposits in the area. Now, that’s something to fight for!
So, this guy, Mr. Venecia, proposed for an oil deal wherein the Philippines, China and Vietnam should declare “open seas” or agree to temporarily shelve” their issues on sovereignty on the Spratlys, demilitarize the area and convert it into a peace zone and divide equally among the three the gains from a new joint marine seismic undertaking (JMSU).
That is really a very good proposal in this era of food shortage, spiraling commodity and oil prices, global warming and threats of war everywhere.
Mr. De Venecia compared his proposal to the manner the United Kingdom, Norway and Germany carved up the North Sea through peaceful negotiations that led to “oil flowing to Teeside in England, and Stavanger in Norway and gas to Bremen in Germany.”
Your proposal is really something surprising coming from you Sir, a traditional politician. This time, I salute you! (with excerpts from the Philippine Daily Inquirer June 16,2011)