In addition to the Chinese claiming territorial rights to potential energy rich areas off the Chinese coast (and off the coasts of other countries), From a Singapore Angle reports here on some trouble brewing between Indonesia and Malaysia over an area in the Sulawesi Sea.
Anglo-Dutch energy giant Shell plays a role. The "energy wars" are heating up...
More info at the Rig Zone.
Disputed area is, I think, in the red box:
Update 3/10/05: From a Singapore Angle reports things are calming down. He has a series of posts. Good news.