Consider the following:
1. The South China Sea is of tremendous strategic importance to the world shipping and is believed to hold huge oil and gas reserves.
2. The South China Sea is a marginal sea that is part of the Pacific Ocean. It is encompassing an area from the Singapore and Malacca Straits to the Strait of Taiwan.
3. China, the Philippines, Vietnam, Taiwan, Australia, Brunei, and Malaysia all holds competing claims to parts of the sea.
Which of the statements given above is/are correct?