The island, along with the rest of the Spratlys, is disputed by four countries on historical, geographic, legal and/or technical grounds, in pursuit of fishing rights, shipping lanes, and the potential of petroleum and natural gas beneath the South China Sea. Although it is anticipated that the South China Sea basin is abundant in oil and natural gas, the waters surrounding Taiping Island have yet to be formally surveyed or extracted. Kuomintang legislator Lin Yu-fang has stated that the Chinese Petroleum Corporation has not excluded the option of prospecting territorial waters in the near future, with the military providing naval escort assistance upon directive from the National Security Council of the Republic of China.