Technological advances in drilling and extraction of undersea oil and gas has opened up vast new areas of the earth to exploration for natural resources.
The huge gas reserves of Australia's North-West Shelf is one example of the scale of potential developments around the world.
This has been of enormous benefit not only to individual nations but also to the global economy from the large increases in energy supply.
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However, it has also contributed to tensions in many parts of the world where territorial disputes have taken on a greater significance than previous claims over fishing rights for example.
Three of the most contentious claims are in relation to islands in the South China Sea, the Falkland Islands and Cyprus.
Perhaps the most complex and heated of these disputes is the South China Sea where six nations lay claim to part or all of the Parcel island and Spratly island chains.
China, Taiwan, the Philippines, Vietnam, Malaysia and Brunei have competing and overlapping claims in the region.
Tensions heightened in 2009 when China submitted a territorial claim to the United Nations based on a map with dotted lines that seems to infer a claim over most of the South China Sea.
In recent months there have been subsequent naval skirmishes and clashes involving fishing vessels in the seas around the disputed islands.
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China has been accused by the other nations of aggressive and bullying behaviour in its discussions and of seeking to isolate each nation by insisting on individual negotiations.
A recent meeting of ASEAN nations failed to agree on an official statement due to differences of how best to approach the issue.
In recent days, Indonesia's Foreign Minister Marty Natalegawa has embarked on what is being described as an emergency round of visits to the nations involved in the dispute, in an effort to mediate between them.
His aim was to push for agreement that all nations would refrain from the use of force, that international laws would be respected and that a binding code of conduct be established.
The United States has played an important role in this dispute by making it clear to all parties involved that every effort must be made to avoid military conflict over these claims and that a negotiated settlement must be reached.
The current cycle of increasingly provocative behaviour in the waters around these islands needs to halt before tensions boil over into what could rapidly escalate into a more serious conflict.
There are also rising tensions between the United Kingdom and Argentina over the Falkland Islands.
Argentina has used bellicose language in recent months as exploration activity has increased, with reports of significant discoveries of oil.
The UK government has raised the stakes further in recent weeks with the granting of licences to develop the oilfields around the Falklands.
While it appears unlikely that Argentina will resort to the use of force, it has brought back to the surface the tensions that have existed between the two countries since they went to war over the islands 30 years ago.
The government of Cyprus has been under pressure from Turkey, which objected to offshore exploration while the island remains divided with the Turkish Cypriot population separate from the larger Greek Cypriot community.
Turkey threatened the use of force if exploration was undertaken, however the contracts were awarded to US companies and Turkey backed down from its threats.
The discovery of very large gas reserves in the area between Cyprus and Israel has increased the Turkish agitation but there appears to be little likelihood of military conflict in the current exploration area.
That could change in coming years if areas of greater sensitivity are opened up for development.
These disputes highlight a shortcoming in the international framework including UNCLOS for dispute settlement.
It is important that a mechanism or forum is found to hear the merits of competing claims as the alternative is for nations with the greatest military might to impose their will.
That would lead to an arms race and a decline in the security of sea lanes that are vital for global commerce.
With nations also seeking to extend their claims over large parts of the Arctic and Antarctic, there is potential for war between nations.
It is vital that nations such as China show the leadership and responsibility that come with increasing economic and military influence and seek a negotiated settlement in the South China Sea that will set a precedent for other disputes.