Antartica, the most remote continent on Earth, is home to one of the planet’s most valuable resources, and Russia may be willing to decimate the environment and break international law to tap into the supply. Russian research vessels have reportedly identified 511 billion barrels of oil in Antarctica, a discovery valued at nearly $41 trillion.
That amount of oil is roughly 10 times greater than the entire 50-year output of the North Sea, which contains most of the world’s reserves.
European policymakers have raised concerns over Moscow’s intentions in surveying the area, with officials at the Commons Environment Audit Committee speculating the aim might eventually be to drill the region for fossil fuels.
Such an operation would be a breach of the 1959 Antarctic Treaty, a landmark accord that prohibits any mining activities on the continent in order to preserve its pristine environment for scientific research and peaceful purposes.
The prospect of Russia disregarding this treaty in pursuit of oil extraction could also have serious environmental consequences, as scientists warn that drilling in Antartica could result in irreversible ecological damage.
While Russia currently possesses significant oil reserves that could keep the nation supplied for an another estimated 60 years, economists say the supply may be dwindling. Factors such as fluctuating oil prices in recent years and geopolitical tensions, including Russia’s ongoing conflict in Ukraine and the resulting Western sanctions, have heightened Moscow’s interest in diversifying its energy sources.
Analysts contend that even a drop of just $5 in the price of oil per barrel could cost Russia almost $11 billion, and a decrease of $15 would be an expense for the nation that exceeds $20 billion. It is a situation that may cause Russian officials to eventually see mining Antarctica as a necessary solution.
