Agreement concerning joint development of the southern part of the continental shelf adjacent to the two countries (with map, appendix, agreed minutes and exchanges of notes).

With this Agreement the Parties establish a Joint Development Zone for the purpose of exploring and exploiting natural resources. The Joint Development Zone may be divided into subzones, each of which shall be explored and exploited by concessionaires of both Parties. Concessionaires of both Parties shall enter into an operating agreement to carry out jointly exploration and exploitation of natural resources in the Joint Development Zone. Such operating agreement shall provide, inter alia, for the following: (a) Details relating to the sharing of natural resources and expenses in accordance with article IX; (b) Designation of operator; (c) Treatment of sole risk operations; (d) Adjustment of fisheries interests; (e) Settlement of disputes. As regards "adjustment of fisheries interests" referred to in paragraph 1 of article V, the Government of each Party shall give administrative guidance to its concessionaires so that they will, before operations for exploration or exploitation of natural resources begin in the subzones with respect to which they have been authorized, endeavour to adjust fisheries interests of nationals concerned of that Party.