Joint Venture Model. The Joint Venture Model is the most popular form between the JDAs143. Aside from the disputed CS and EEZ areas, if the maritime boundaries are delimited and the resources can be found in either within or lying across the delimitation line of the coastal State, the States can refer to this type of JDA for the exploration and exploitation of hydrocarbon resources, minerals, and polymetallic nodules. Joint Venture model is also used for the transboundary deposits where the unitization of the deposit is required for economical purposes144. It is discussed that the agreement where a boundary delimitation line has been already drawn is not an actual JDA but a unitization agreement since the JDA has a 141 Articles 74 and 83 of the UNCLOS. 142 Xxxxxxxx, 145. 143 Xxxxxxx / Xxxxxxx, 103. 144 Xxxxxxx, X. X. / Ifesi-Xxxxx, A. / Xxxxx. M. / Xxxx, X. / Xxxxx, T.: “Cross-Border Unitization and Joint Development Agreements: An International Law Perspective”, Houston Journal of International Law, 2007, Vol. 29, p. 370. purpose of providing a solution to the maritime boundary delimitation of disputed CS and EEZ145. Unlike the Single State Model, JDA contracting States are either expected to form a joint venture through their companies or institutions, or to conduct activities themselves without transferring the sovereign rights on the exploration and exploitation of the resources located in the joint zone146. Furthermore, the States maintain their exclusive rights and obligations over the CS and EEZ while also retaining their autonomy and jurisdiction rights. Preferably, the States form designated subgroups in the joint zone. The exploration and exploitation activities in these subgroups can be carried out by national or international private companies if not directly by the governmental institutions147. Depending on the conditions of the agreement, the revenue of each subgroup might be pooled and shared by contracting States or the States may only take their income from the designated subgroups. As an alternative, the joint zone may be created upon unitization of a deposit and upon which the contracting States may refer to a single operator148. Then the activities are carried out by that operator, which is either an international or national company on behalf of all interested States. The operator is expected to develop the natural resources in the joint zone and the States can take their shares from the revenue. The jurisdiction of the joint zone can be decided in two for...
