Malaysia and Brunei cooperate to exploit oil and gas

Petronas to tap South China Sea oil, gas fields?

http://www.nst.com.my/Current_News/NST/articles/2jon/Article/index_html

MALAYSIA has proposed that Brunei consider the possibility of Petronas playing a role in the disputed territories in the South China Sea, which are known to have large deposits of oil and gas.

(...)

The dispute arose in 2003 when Brunei and Malaysia awarded petroleum production-sharing contracts for four overlapping deepwater exploration blocks in the South China Sea, close to where a discovery of reportedly 440 million barrels of oil was made in 2002.

(...)

Malaysia and Brunei signed on March 16, 2009 an Exchange of Letters towards a milestone settlement of the disputed territories. The letters contain several principles of cooperation to be implemented in the surveying and demarcation of the land and maritime borders. Following the signing of the Exchange of Letters, a joint Brunei-Malaysia technical committee was set up to translate to the ground the territorial dispute settlement. The responsibility of the committee is to settle technical issues related to surveying, delimiting and demarcating both land and maritime boundaries between the two countries.

(...)

Najib said he believed that with the existing close and friendly ties between Malaysia and Brunei, both countries would be able to finalise the land and maritime border demarcation without any problem.

(...)

He said Brunei investments were also welcome in the Sabah Development Corridor, Sarawak Corridor of Renewable Energy and Iskandar Malaysia in Johor.

----------------------------------------

Malaysia has dispute with Philippine over sovereignty of Sabah.