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29

Australia To Appropriate Antarctic Potential Oil Reserves

Australia, who claims 42 per cent of the Antarctic landmass covering 5.9 million square kilometres

Australia, who claims 42 per cent of the Antarctic landmass covering 5.9 million square kilometres, might have difficulties "protecting" their property from interlopers should the world have a shortage of natural resources in the not so distant future, Herald Sun reported.

Although never universally recognised, nobody has ever disputed Australia's claim. But Antarctica possesses vast mineral wealth and substantial offshore oil reserves, which might become very interesting for any other nation. They could establish a presence and start prospecting.

There is a ban on mineral resource exploration until 2048, but with oil supplies running short and prices going up, who will tell if this ban will hold.