Extension of Korea-Japan Continental Shelf Agreement

Always hungry for natural resources, the whole of Korea went crazy with the No. 1 hit song “Block 7” in 1980. I was glued to the TV when that song was aired. The song was written after the Korea-Japan Continental Shelf Agreement, which was signed in January 1974, and which came into effect in June 1978 with a 50-year validity. That craze drove all Koreans to be hopeful of an oil-producing Korea, especially after the two oil shocks of the 1970s.

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