From Eurasia Review
''The oft repeated thesis about the long running conflict in South China Sea is that it is essentially about hydrocarbon resources. In other words, it is a scramble for energy resources. Not surprisingly, the recent exit of India’s ONGC Videsh from a block in Vietnam is seen through this lens and is read as India bowing down to Chinese pressure against the interests of weaker Vietnam.
The potential for the South China Sea to be a major hydrocarbon source has raised the stakes since the 1970s beginning with survey reports prepared by the UN Economic Commission for the Far East. Since then there has been a deluge of reports characterizing the area as having more oil than Iran and more natural gas than Saudi Arabia. These reports are highly speculative and have not been endorsed by any of the reputed data sources of the oil industry.''
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