Russia oil reserves: In a major boost for Russia amid the ongoing Russia-Ukraine war, Russian scientists have reportedly discovered gigantic oil reserves beneath the Weddell Sea in Antarctica, which are purportedly twice the size of Saudi Arabia’s known oil reserves.
The significant discovery could potentially reshape the global energy industry as well as create a fresh stir in geopolitics as Russia’s Western rivals led by the United States attempt to counter Moscow, as per experts.
How much oil reserves were found?
According to Russian geologists, there are massive untapped oil reserves beneath the frozen surface of Antarctica, especially under the Weddell Sea, estimated to be around 511 millions, larger than the world’s largest known oil reserves, and more than twice the size of Saudi Arabia’s known reserves.
Russia’s purported discovery is estimated to be about ten times larger than the entire amount of crude oil extracted from the North Sea in the last 50 years, and could drastically alter the global energy sector if Moscow manages to extract the reserves.
Why is the discovery controversial?
Meanwhile, the discovery, which came to light during Russian scientific expeditions in Antarctic in recent years, has triggered several questions and apprehensions about the Antarctic Treaty. The Weddell Sea, where the oil reserves were found, is claimed by the United Kingdom as part of its ‘territorial interest’ in Antarctica.
The sea is located in within the ‘British-owned’ part of Antarctica, where Chile and Argentina also have territorial claims. But in recent years, Russia has increased its presence in the region, and now the discovery of huge oil reserves has further increased tensions.
The discovery has also sparked a new debate on the Antarctic Treaty of 1959 which designates the uninhabited continent for peaceful scientific research and prohibits military activity or exploitation of resources. The treaty was drafted by Western powers, including the US and the UK, with an aim to “protect” Antarctica from ‘economic plunder’, and Russia’s recent intervention is being seen by experts as a violation of the agreement.
Will the discovery impact Russia-Ukraine war?
The discovery of massive oil reserves in Antarctica comes at a time when Moscow’s relations with the West are highly strained due to the ongoing Russia-Ukraine war. Experts believe that the find would boost Russia’s already significant energy reserves and will enhance Moscow’s ability to fuel its war machine using surplus cash from its oil trade.
Notably, China, Russia’s close ally and strategic partner, has also established the fifth Antarctic research base, which has fueled Western fears that the two powers are laying the groundwork for a future war with the US-led West.