The possible presence of very large petroleum and natural gas reserves in the area beneath the North Sea is currently the subject of intense investigation. If confirmed, as seems likely in at least some localities, this occurrence will raise legal problems of considerable interest and complexity. For the North Sea is not merely an oilfield covered by water: for centuries it has been one of the world's major fishery regions and the avenue to and from the world's busiest seaports. Thus all three of the present principal uses of the sea—fishing, navigation, and the exploitation of submarine resources—promise to meet for the first time on a large scale in an area where all are of major importance. The process of reconciling the various interests at stake will provide the first thoroughgoing test of the adequacy and acceptability of the general principles laid down in the 1958 Geneva Convention on the Continental Shelf and should add greatly to the practice and precedents available in this developing branch of the law. In the present article an attempt is made to review some of the geographical and economic considerations involved in the North Sea situation, to note some of the technical and legal developments that have already taken place, and to consider these elements in the light of the various interests and legal principles concerned.