The developments in the Mediterranean regarding the economic activities of many countries have led to more investigations so as to safeguard their natural resources and to demarcate their maritime zones. The recent discovery of oil reserves in the basin of the southeastern Mediterranean region, has brought on consecutive discussions in order to determine the Exclusive Economic Zone of Greece. The Exclusive Economic Zone (EEZ) as a concept was established at the Third UN Conference: The Law of the Sea and the rules that govern it were included in the new Convention in the Law of the Sea of 1982. Its establishment institutionalized a new maritime zone of great economic importance. This enabled coastal States the right to utilize-exploit marine and submarine resources in a maritime zone of up to two hundred (200) nautical miles from the coast. As Greece has common sea borders with six (6) other States, the delimitation of maritime zones should be done following agreements. This study will attempt to analyze the international jurisprudence delimitation of marine areas between neighboring States based on the decisions of international courts. The purpose of this research paper is to document the developments of international law delimiting maritime areas, whereby considering the prospects of proclamation AOZ (EEZ) Greece and its economic importance. Finally, this study will attempt to estimate the potential economic benefits for the state of Greece in the proclamation AOZ(EEZ).