Consider the following statements:

1.All the minerals, water resources, forests, wildlife, land within the political boundaries and oceanic area upto 12 nautical miles from the coast termed as territorial water and resource therein belongs to the nation.

2.The oceanic resources beyond 200 nautical miles of the Exclusive

Economic Zone belong to open ocean and no individual country can utilize these without the concurrence of international institutions.

Which of the statements given above is/are correct?