Ocean mineral revenue sharing

Abstract

Abstract This article considers the importance of ocean mineral revenue sharing, from both the oil and gas of the continental margin and the manganese nodules of the deep seabed, at the United Nations Law of the Sea Conference. First the paper examines margin revenue sharing as proposed in Article 82, Informal Composite Negotiating Text. It estimates the amount of oil and gas in offshore areas, the potential value of these resources to the coastal state, the potential revenue to be shared with an international authority, and when these resources will be exploited. The paper concludes that revenue sharing from the margin will yield little if any revenue to an international authority. The article then discusses deep seabed revenue sharing. It estimates several possibilities, including nodule production by the mid‐1980s; the value of operations to the exploiting state(s)—particularly the United States; revenues to be shared with an international authority; the impact of nodule mining on land‐based producers ...