Japan, China Settle East China Sea Gas Feud -Media

From Reuters:

Japan and China have agreed to jointly develop gas fields and share profits in disputed areas of the East China Sea, Kyodo news agency reported on Monday, but Japan’s government said final details were being worked out.

The reported accord follows a May summit between Japanese Prime Minister Yasuo Fukuda and Chinese President Hu Jintao at which the two leaders agreed to settle the long-running gas feud.

Japan puts estimated net known reserves in the disputed fields at a modest 180 million barrels of oil equivalent, but both countries have pursued the issue as there may be a lot more yet to be found.

Read also News reports: Japan, China agree on gas deal by AP.