  We provide a first-principles analysis of the energy fluxes in the oceanic
internal wavefield. The resulting formula is remarkably similar to the renowned
phenomenological formula for the turbulent dissipation rate in the ocean which
is known as the Finescale Parameterization. The prediction is based on the wave
turbulence theory of internal gravity waves and on a new methodology devised
for the computation of the associated energy fluxes. In the standard spectral
representation of the wave energy density, in the two-dimensional vertical
wavenumber - frequency domain, the energy fluxes associated with the steady
state are found to be directed downscale in both coordinates, closely matching
the Finescale-Parameterization formula in functional form and in magnitude.
These energy transfers are composed of a `local' and a `scale-separated'
contributions; while the former is quantified numerically, the latter is
dominated by the Induced Diffusion process and is amenable to analytical
treatment. Contrary to previous results indicating an inverse energy cascade
from high frequency to low, at odds with observations, our analysis of all
non-zero coefficients of the diffusion tensor predicts a direct energy cascade.
Moreover, by the same analysis fundamental spectra that had been deemed
`no-flux' solutions are reinstated to the status of `constant-downscale-flux'
solutions. This is consequential for an understanding of energy fluxes, sources
and sinks that fits in the observational paradigm of the Finescale
Parameterization, solving at once two long-standing paradoxes that had earned
the name of `Oceanic Ultraviolet Catastrophe'.
