The two countries will jointly explore for undersea gas deposits in the disputed areas as part of the first concrete agreement towards developing the East China Sea resources. The news source noted that this agreement comes as the two countries are trying to boost relations.
The agreement will let Japan invest and claim proportional profits from several projects at the Chunxiao gas fields, where Chinese companies have begun drilling activities.
The two countries are hoping to determine mutually-agreed upon sites for joint exploration at another location south of the Longjing fields, in the short-term.
The two governments have fallen short of establishing a mutually-agreed demarcation line and have also failed to settle exploration rights for other gas fields in the area. AP reported that the joint exploration agreement is deemed necessary to protect the countries’ respective legal positions until the demarcation line has been decided upon.
