As of 2024, Japan đŻđľ is facing issues such as an aging population and population decline. However, did you know that there are vast reserves of natural gas and crude oil beneath the area known as the 7th Mining Zone (珏7éąĺş) located below Kyushu? â¨â¨
I often see information about this on social media and wondered if it was true. So, I investigated it myself and found out that it is indeed true. đđ
The initial discovery was made in 1968 when the U.S. Navy Oceanographic Office reported the presence of oil and gas in this area. Later, in 1971, South Korea đ°đˇ claimed that this area was connected to its continental shelf and asserted its territorial rights.
However, Japan đŻđľ also claimed territorial rights, stating that the area lies within its Exclusive Economic Zone (EEZ).
Subsequently, in 1974, South Korea đ°đˇ and Japan đŻđľ signed the Japan-South Korea Continental Shelf Agreement, which is valid for 50 years, from 1978 to 2028. When it expires in 2028, it is expected that the rights to the area will transfer to Japan, as it falls within Japan's EEZ.
Nevertheless,
with the potential for a Taiwan crisis by 2027, it is expected that neighboring countries will not remain silent.
In 1987, an agreement was reached for joint development between Japan and South Korea. However, in 2020, South Korea designated the Korea National Oil Corporation as the lessee for the 7th Mining Zone, but this was invalidated.
There are similar cases internationally, such as the Greater Sunrise Gas Field near Australia đŚđş and East Timor. This area contains oil and gas reserves, and in 2018, a boundary was drawn to determine the revenue-sharing ratio between the two countries. â¨â¨
According to the BP Statistical Review of World Energy in 2021, the resource reserves in the 7th Mining Zone are estimated to be worth 800 trillion yen. âď¸âď¸
Technologically, there are no issues with extraction, but with the potential for a Taiwan crisis by 2027, it remains uncertain whether the area will easily become part of Japan's territory. đđ
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