How is the ownership of the oceans resource Determined

technically its everyone's but isn't at the same time

Explanation:

The UN Convention on the Law of the Seas states the different rights and regulations regarding specific nations' rights to oceans. For instance, coastal states have jurisdiction over the 12 nautical miles off their coastlines, and 200 nautical miles are reserved for specific states to utilize the oceanic materials, living and nonliving, in their zone. This can include fishing, the mining of minerals but also includes the obligation to protect the ocean and its biodiversity.