Cold hard facts about Antarctica

The AAD has identified significant deposits of iron ore and coal, although it is sceptical about the amount of likely onshore oil and gas reserves.

It does report much greater potential for offshore oil and gas due to the formation of sedimentary basins formed in the distant past when Antarctica was known to be covered in lush vegetation.

There is little knowledge of the geological formations due to the limited exploration that has taken place, with deep sea drilling in the Ross Sea abandoned in the late 1970s.

AAD has estimated that world oil prices would need to increase to more than $200 per barrel before such exploration became economically viable.

Interest in the resources of the Antarctic was growing steadily several years ago but has waned in more recent times, due to the shale revolution pioneered in the United States.

The expected increase in gas and oil production from the huge shale reserves in the USA has the potential to reshape global energy markets.

However, these reserves will inevitably deplete in coming decades, particularly if demand from China, India, Africa and the Middle East continues to grow.

That will make it vital for binding and robust legal frameworks to be established to ensure any future development in Antarctica, including increased fishing, is sustainable and balanced.