Substantive Legal Principles for Exploration and Exploitation of Resources in The Area

Abstract

Interest in exploring and exploiting mineral resources is increasing globally due to exhausting land based mineral resources. Exploring or exploiting land or deep seabed resources leads to diverse uncertainties and several risks to the environment necessitating guiding principles for exploring or exploiting resources. Competence over mineral resources in the sea is conferred to the International Seabed Authority (ISA). This study analyzes the effectiveness of the implementation of the substantive principle for exploring or exploiting resources. Effective implementation of the substantive principles regarding the exploring of and exploiting of deep seabed resources is the main research question. Currently, the substantive prescription and principles for exploring of and exploiting of deep seabed resources is not implemented as it should be. The methodology consists of the empirical approach while content approach and institutional approach is utilized in data analysis. The commitment provided for in the 1994 Agreement and Convention on the Law of the Sea is implemented by ISA. ISA, however is facing challenge in ensuring that financial benefits and economic benefits are shared equitably necessitating the recommendation to create a commission subject to accountability to ISA with a well-defined mechanism on how financial benefits will be shared.