METI to Control Japan Ocean Resource Development

Minister of Economy, Trade and Industry Masayuki Naoshima said on Tuesday METI tries to modify mining act to improve control of Japanese resources including crude oil, natural gas, methane hydrate and submarine hydrothermal deposits in the exclusive economic zone. He showed the intention in the discussion on modification of low for Japan Oil, Gas and Metals National Corporation (JOGMEC) in the committee of House of Councilors.

Mr. Naoshima said Japanese cannot control such resources in exclusive economic zone under the existing low while China, USA and European countries control the resources and if third party countries would develop in other countries’ resource in exclusive economic zone, the country should get approval from the controlling countries.

However, Japanese mining act, which was established in 1950 to control domestic coal mining, cannot cover ocean mineral and resources. The act also allows foreign companies’ right to develop resource in Japanese exclusive economic zone even when the companies have no experience for mining and resource development.

Mr. Naoshima said current low cannot check or seize foreign vessels in Japanese exclusive economic zone. He said the government will modify the act to control such resource development right to prevent foreign financial or non-experienced companies from getting the right for resale. He said the resource develop companies should have certain financial power and technology to develop resources.