The Spratly Islands consist of more than 100 small islands or reefs. They are surrounded by rich fishing grounds and potentially by gas and oil deposits. They are claimed in their entirety by China, Taiwan, and Vietnam, while portions are claimed by Malaysia and the Philippines. About 45 islands are occupied by relatively small numbers of military forces from China, Malaysia, the Philippines, Taiwan, and Vietnam. Brunei has established a fishing zone that overlaps a southern reef but has not made any formal claim.
Economic activity is limited to commercial fishing. The proximity to nearby oil- and gas-producing sedimentary basins suggests the potential for oil and gas deposits, but the region is largely unexplored. There are no reliable estimates of potential reserves. Commercial exploitation has yet to be developed.
all of the Spratly Islands are claimed by China (including Taiwan) and Vietnam; parts of them are claimed by Brunei, Malaysia and the Philippines; despite no public territorial claim to Louisa Reef, Brunei implicitly lays claim by including it within the natural prolongation of its continental shelf and basis for a seabed median with Vietnam; claimants in November 2002 signed the "Declaration on the Conduct of Parties in the South China Sea," which has eased tensions but falls short of a legally binding "code of conduct"; in March 2005, the national oil companies of China, the Philippines, and Vietnam signed a joint accord to conduct marine seismic activities in the Spratly Islands