Russia hits JACKPOT, set to become super rich due to..., bad news for many countries because...
Largest Crude Oil Reserve: In a major discovery, Russia has discovered a massive oil reserve, which is expected to be the largest crude oil reserve in the history of the world. The country has found a black gold reserve under the British Antarctic region, which has long been protected under an international treaty. As per media reports, Moscow has discovered about 511 billion barrels of crude oil during its search and expedition. As Russia has discovered a huge oil reserve under the frozen continent, global powers may try to exploit the reserve which is hidden under the ice. How Did Russia Discover The Largest Crude Oil Reserve?
The reports state that Russia's government geological company named – Rosgeo – carried out the search during which it found the oil reserve. During the search, the company surveyed the Weddell Sea region which tells that there is a possibility of 511 billion barrels of crude oil hidden under the ice. Notably, the reserve is more than the amount of oil that has been extracted from the earth so far. Did The Discovery Break Any Treaty?
Under the Antarctic Treaty (1959), no military or commercial activity, especially exploitation of natural resources, can take place in the region. However, Russia counter it, saying the survey has been done only for scientific purposes.
On the other hand, experts believe that the research and survey hint preparation for oil mining in the coming years. This could also lead to a major conflict between superpowers. A New Path Of Future Conflict Has Opened?
It is worth mentioning that Chile and Argentina also have claims on the British Antarctic region. Following the recent discovery, these countries will also start showing interest.
Geo-political experts say that in the coming years, when natural resources start depleting, a new conflict may start between global powers over this oil reserve. What Is An Antarctic Treaty?
The treaty was first signed by 12 countries during the Cold War to stop resource exploitation in the region. Today, around 56 countries have agreed to it. Russia, which is not a part of the treaty, said it plans to break its ban on extracting resources. Moscow still says it will follow the treaty.
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