Forget flags and reefs. The South China Sea is billions in oil and trillions in gas sitting under the waves, and whoever controls it could fundamentally shift national power, and citizens’ wallets.

Philippines: Reed Bank

• Potential: 2.5 billion barrels of oil + 25 trillion cubic feet of natural gas
• Current status: Sampaguita gas field confirmed but blocked by China, leaving the wealth untapped
• Upside if developed:

---Energy independence, cheaper electricity

• ---Billions in government revenue
• ---Jobs, infrastructure, stronger peso

Vietnam: Already Cashing In

• Produces offshore from Cuu Long and Nam Con Son basins
• Vanguard Bank & Spratly blocks: rich, but largely untapped due to political pressure
• Upside if fully developed:
• ---Massive boost to state revenue
• ---Industrial growth & energy security
• ---Reduced dependence on foreign fuel

China: The Denial Player

• Claims nearly the entire South China Sea via the “nine-dash line”
• Strategy: block neighbors from drilling while positioning for long-term leverage
• Outcome: prevents PH and Vietnam from accessing huge resources without spending a dime

The Citizens’ Angle

• Look at Qatar: citizens get monthly benefits, cheap energy, free healthcare, housing, all funded by oil & gas
• Meanwhile, in the Philippines and Vietnam, comparable potential sits idle, while energy bills rise and development stalls
• Real question: if offshore resources could materially improve lives, who benefits from keeping them buried, and who pays the opportunity cost?

The Bottom Line

This isn’t a historical dispute. It’s cash flow, leverage, and optionality. Moderate offshore fields = billions per field, decades of revenue, and national power. Whoever secures control first doesn’t just drill oil, they control who wins, who loses, and who stays in the game.

Oil under the sea isn’t just fuel, it’s power. And the biggest prize is still waiting.