FInally, the one way we have to ensure that revenues resulting from oil and gas development on the shelf beyond 200 miles is to join the convention where our permanent seat on the council would give us a veto over any revenue distribution plan.
In fact, it matters not what Heritage says. Oil drilling beyond 200 miles will happen only if prvate firms are confident that they have widely recognized title to the recovered oil and are not threatened by law suits or taxes in foreign countries for oil extracted without international recognition. That is way all oil and gas industry strongly supports the convention and helped negotiation the revenue sharing provisions.
The Heritage Foundation report (source for the Human Events article) is badly flawed. It is an advocacy piece, like a lawyer giving his best presentation of a bad case to a jury. It report tries to defend an ideologic view and twists the Convention and history to do this. In fact, until the convention was completed in 1982 the legal continental shelf was based on the geologic shelf. It was through the negotiations that the legal definition was expanded to apply to the continental slope and rise.
FInally, the one way we have to ensure that revenues resulting from oil and gas development on the shelf beyond 200 miles is to join the convention where our permanent seat on the council would give us a veto over any revenue distribution plan.
FerventJade 7 months ago
In fact, it matters not what Heritage says. Oil drilling beyond 200 miles will happen only if prvate firms are confident that they have widely recognized title to the recovered oil and are not threatened by law suits or taxes in foreign countries for oil extracted without international recognition. That is way all oil and gas industry strongly supports the convention and helped negotiation the revenue sharing provisions.
FerventJade 7 months ago
The Heritage Foundation report (source for the Human Events article) is badly flawed. It is an advocacy piece, like a lawyer giving his best presentation of a bad case to a jury. It report tries to defend an ideologic view and twists the Convention and history to do this. In fact, until the convention was completed in 1982 the legal continental shelf was based on the geologic shelf. It was through the negotiations that the legal definition was expanded to apply to the continental slope and rise.
FerventJade 7 months ago