1 August 29, 2012 OIL AND NATURAL GAS COMPANY OF INDIA: TROUBLE OFF THE VIETNAMESE COAST IN 2011 1 On September 15 th 2011, the Chinese government issued diplomatic protests directed toward India over the continued exploration by the state-controlled Oil and Natural Gas Company (ONGC) of India in Blocks 127 and 128 off the Vietnamese coast in South China Sea 2 . Many years of conflict between China, Vietnam, and other Southeast Asian countries over territorial rights in the waters of the South China Sea had escalated, with a high potential for the conflict to boil over in regional and even global instability. One week earlier, the government of India had filed a prospectus for a secondary issue of 5% of its stake in ONGC to raise US$2.5 billion to help f

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