Beijing News recently reported that on September 16, 2011, the Vietnamese and Indian governments jointly announced that the two countries will jointly develop oil and gas in the South China Sea. India’s largest state owned oil company, OVL (ONGC Videsh Ltd), has already invested US$225 million on the project. The Chinese Foreign Ministry commented that China is against any country’s involvement (in the South China Sea). The Vietnamese government said it “fully supports” India’s initiative. Earlier there were reports of military co-operation between the two countries as well.
Source: Beijing News, September 18, 2011
http://epaper.bjnews.com.cn/html/2011-09/18/content_277041.htm?div=-1