JDZ, Joint development zone is the area of seabed and subsoil, together with the superjacent waters, was established as a joint development zone under Article 2 of the Treaty. And according to Oxford Dictionary, continental shelf means the area of seabed around a large landmass where the sea is relatively shallow compared with the open ocean.
The South Korean government claimed sovereignty over the area based on a 1969 International Court of Justice (ICJ) ruling on the principle of "natural extension of the territorial sea or land sovereignty of a coastal state" the two countries agreed to joint exploration in 1978 on a 50:50 basis. South Korea was proud to do business with Japan; at the time, South Korea did not have the technology or funds to explore and extract gas from the seabed, but the dream was dashed. Japan decided not to participate in the joint development because it saw little economic value in it. What was the real reason for Japan's decision?. It was the approaching expiration of the joint project. The agreement ends on June 22, 2028 (either side can terminate the agreement after June 2025). The problem, however, is that the 1994 amendment to the United Nations Convention on the Law of the Sea put about 90% of the joint development area under Japanese jurisdiction. In just two years, the potential offshore resources of the Dokdo could belong to Japan.
If South Korea were to acquire a large share of the oil and natural gas reserves in the seven fields, it would greatly reduce the country's dependence on the oil trade. It would also lower the prices of electricity, which are currently hitting the poor hard. Also, overall price is a decrease
