Brunei has an interest in hydrocarbon development in the South China Sea (SCS), although it has not made any formal claims to the hotly contested Spratly or Paracel Islands. However, the country´s exclusive economic zone includes the Louisa Reef, an area of small islands in the southeastern part of the Spratly Islands. An offshore settlement with Malaysia in 2010 allows Brunei to explore untapped formerly disputed deepwater areas in the Baram Delta and issue more production sharing contracts to help prop up oil and natural gas production and offset declines from older existing fields. In 2013, Brunei National Petroleum Company (Petroleum Brunei) and Petronas of Malaysia signed several cooperation agreements for joint development of fields in both countries´ offshore areas.