Rockhall island is a good example of a tiny rock island with major implications for oil and natural gas. The island and its surrounding waters are disputed by several countries. To make matters more interesting, a guy lived on the island for 60 days for charity.
In Asia, the South China Sea has many such tiny disputed islands but they are highly clustered together whereas Rockall lies isolated in the North Atlantic between Ireland, Iceland, and Scotland.
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Oil billions at stake as UN examines British claims to Rockall
http://www.theguardian.com/uk/2011/jan/01/oil-un-british-claims-rockall
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