Korea, Japan to hold rare meeting on Joint Development Zone in East China Sea

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Korea, Japan to hold rare meeting on Joint Development Zone in East China Sea

Published: 26 Sep. 2024, 18:42 Updated: 26 Sep. 2024, 18:52

SEO JI-EUN
seo.jieun1@joongang.co.kr

The West Capella drilling ship, operated by the United States' Seadrill and constructed by Korean shipbuilder Samsung Heavy Industries [SAMSUNG HEAVY INDUSTRIES]

Korea and Japan are set to hold their first joint committee meeting in 39 years to discuss the development of Block 7 in the East China Sea, an area said to contain vast reserves of oil, gas and minerals.

The two governments will meet on Friday in Tokyo under the Joint Development Zone (JDZ) agreement, which was established in 1974 to allow the joint exploration and development of a disputed portion of the continental shelf located about 125 miles south of Jeju Island and west of Kyushu, Japan. Korea's director-level officials from the Ministry of Foreign Affairs and the Ministry of Trade, Industry and Energy will attend the meeting with their Japanese counterparts.

This will be the sixth round of negotiations since the agreement was signed, with the last one having taken place in 1985.

"This renewed meeting is the result of our government’s persistent requests for Japan to fulfill its obligations under the joint agreement," a senior official from Korea's Foreign Ministry told reporters on Tuesday.

The origins of the JDZ agreement trace back to a 1969 report by the UN Economic Commission for Asia and the Far East, which revealed the presence of “prolific” oil and gas reserves in the area, comparable to those found in the Persian Gulf. This discovery sparked Korea's ambitions to become a petroleum-producing country, and the government swiftly designated Block 7 in 1970 for independent development, which led to opposition from Japan.

The location of Block 7 [JOONGANG ILBO]

To resolve the dispute, Korea and Japan signed the JDZ agreement in 1974, agreeing to jointly develop Block 7 and an adjacent area south of Jeju Island covering 82,557 square kilometers (24,070 square nautical miles). However, Japan's interest in the project waned by the 1980s over doubts about its economic viability.

Despite Japan’s passive stance, the Korean government has consistently urged for further exploration to assess the true economic potential of the area. Korea also points to China’s large-scale oil development activities near Block 7, where an estimated 17 drilling facilities are currently in operation, as evidence that the zone’s resources are likely significant.

Korea hopes that Friday's meeting will revitalize efforts to push forward with the joint development of Block 7. However, time is running out, as the JDZ agreement is set to expire in June 2028.

Either country can unilaterally notify the other of its intent to terminate the agreement starting three years before its expiration date. If such notice is given, the agreement will be dissolved three years later.

The sixth joint committee meeting is expected to be the stage for discussions on both countries' positions regarding the agreement. Korea's Foreign Ministry downplayed the likelihood of discussions on the extension or termination of the agreement at this stage, describing the meeting as primarily a "working-level consultation."

Nevertheless, the ministry official expressed optimism that the meeting would pave the way for continued cooperation.

"We will keep all scenarios in mind and explore various countermeasures to protect our national interests, while ensuring that both countries continue to handle the agreement in a friendly manner," the official said.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]